? At the beginning of the current season on April 1, the ledger of Tamarisk, Inc. showed
Fantastic news! We've Found the answer you've been seeking!
Question:
?
Transcribed Image Text:
At the beginning of the current season on April 1, the ledger of Tamarisk, Inc. showed Cash $2,200, Inventory $3,600, and Common Stock $5,800. These transactions occurred during April 2022. Apr. 5 7 9 10 12 14 17 20 21 27 30 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,600, terms 3/10, n/60. Paid freight on Arnie Co. purchases $8. Received credit from Arnie Co. for merchandise returned $100. Sold merchandise on account to members $1,330, terms n/30. Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $720, terms 1/10, n/30. Paid Arnie Co. in full. Received credit from Woods Sportswear for merchandise returned $20. Made sales on account to members $850, terms n/30. Paid Woods Sportswear in full. Granted credit to customers for clothing that did not fit properly $90. Received payments on account from members $1,270. The chart of accounts for the pro shop includes Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-In. Journalize the April transactions using a periodic inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Account Titles and Explanation Purchases Accounts Payable Freight-In Cash Accounts Payable Purchase Returns and Allowances Accounts Receivable Sales Revenue Purchases Accounts Payable Debit 1600 8 100 1330 720 Credit 1600 8 100 1330 720 Apr. 14 Apr. 17 v Apr. 20 Apr. 21 Apr. 27 Apr. 30 Accounts Payable Cash Purchase Discounts Accounts Payable Purchase Returns and Allowances Accounts Receivable Sales Revenue Accounts Payable Cash Purchase Discounts Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable 1500 20 850 700 90 1270 1455 45 20 850 693 7 90 1270 Apr. 14 Apr. 17 v Apr. 20 Apr. 21 Apr. 27 Apr. 30 Accounts Payable Cash Purchase Discounts Accounts Payable Purchase Returns and Allowances Accounts Receivable Sales Revenue Accounts Payable Cash Purchase Discounts Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable 1500 20 850 700 90 1270 1455 45 20 850 693 7 90 1270 (b) Your answer is partially correct. Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries presented in the previous question. For accounts with a zero balance select "04/30 Bal." from the list and enter on the normal balance side for that account and enter "O" or leave blank.) 4/1 Bal. V 4/30 4/10 4/20 2200 1270 1330 Cash 850 4/7 4/14 4/21 Accounts Receivable 4/30 Bal. 4/27 4/30 4/30 Bal. 8 1455 693 1314 90 1270 820 4/1 Bal. 4/9 4/14 4/17 4/21 4/30 Bal. Inventory 3600 Accounts Payable 4/5 100 1500 20 700 4/30 Bal. 5800 4/12 Common Stock 4/10 V 4/30 Bal. ✓ 3600 1800 720 O 5800 4/30 Bal. 4/30 Bal. 4/5 4/12 Sales Revenue 2180 120 Sales Returns and Allowances 4/10 1600 4/20 720 4/9 Purchases 4/17 4/9 4/17 4/30 Bal. 1330 850 100 20 100 20 2320 4/27 4/30 Bal. 4/7 Purchase Returns and Allowances 90 Purchase Discounts 52 4/30 Bal. 8 4/14 4/21 Freight-In 4/30 Bal. V 90 45 7 8 At the beginning of the current season on April 1, the ledger of Tamarisk, Inc. showed Cash $2,200, Inventory $3,600, and Common Stock $5,800. These transactions occurred during April 2022. Apr. 5 7 9 10 12 14 17 20 21 27 30 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,600, terms 3/10, n/60. Paid freight on Arnie Co. purchases $8. Received credit from Arnie Co. for merchandise returned $100. Sold merchandise on account to members $1,330, terms n/30. Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $720, terms 1/10, n/30. Paid Arnie Co. in full. Received credit from Woods Sportswear for merchandise returned $20. Made sales on account to members $850, terms n/30. Paid Woods Sportswear in full. Granted credit to customers for clothing that did not fit properly $90. Received payments on account from members $1,270. The chart of accounts for the pro shop includes Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-In. Journalize the April transactions using a periodic inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Account Titles and Explanation Purchases Accounts Payable Freight-In Cash Accounts Payable Purchase Returns and Allowances Accounts Receivable Sales Revenue Purchases Accounts Payable Debit 1600 8 100 1330 720 Credit 1600 8 100 1330 720 Apr. 14 Apr. 17 v Apr. 20 Apr. 21 Apr. 27 Apr. 30 Accounts Payable Cash Purchase Discounts Accounts Payable Purchase Returns and Allowances Accounts Receivable Sales Revenue Accounts Payable Cash Purchase Discounts Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable 1500 20 850 700 90 1270 1455 45 20 850 693 7 90 1270 Apr. 14 Apr. 17 v Apr. 20 Apr. 21 Apr. 27 Apr. 30 Accounts Payable Cash Purchase Discounts Accounts Payable Purchase Returns and Allowances Accounts Receivable Sales Revenue Accounts Payable Cash Purchase Discounts Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable 1500 20 850 700 90 1270 1455 45 20 850 693 7 90 1270 (b) Your answer is partially correct. Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries presented in the previous question. For accounts with a zero balance select "04/30 Bal." from the list and enter on the normal balance side for that account and enter "O" or leave blank.) 4/1 Bal. V 4/30 4/10 4/20 2200 1270 1330 Cash 850 4/7 4/14 4/21 Accounts Receivable 4/30 Bal. 4/27 4/30 4/30 Bal. 8 1455 693 1314 90 1270 820 4/1 Bal. 4/9 4/14 4/17 4/21 4/30 Bal. Inventory 3600 Accounts Payable 4/5 100 1500 20 700 4/30 Bal. 5800 4/12 Common Stock 4/10 V 4/30 Bal. ✓ 3600 1800 720 O 5800 4/30 Bal. 4/30 Bal. 4/5 4/12 Sales Revenue 2180 120 Sales Returns and Allowances 4/10 1600 4/20 720 4/9 Purchases 4/17 4/9 4/17 4/30 Bal. 1330 850 100 20 100 20 2320 4/27 4/30 Bal. 4/7 Purchase Returns and Allowances 90 Purchase Discounts 52 4/30 Bal. 8 4/14 4/21 Freight-In 4/30 Bal. V 90 45 7 8
Expert Answer:
Answer rating: 100% (QA)
An account balance is the difference between two sides of the T accountF... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
At the beginning of the current season on April 1, the ledger of Kokott Pro Shop showed Cash $3,000; Inventory $4,000; and Owners Capital $7,000. These transactions occurred during April 2014. Apr. 5...
-
At the beginning of the current season on April 1, the ledger of Gage Pro Shop showed Cash $3,000, Inventory $4,000, and Owners Capital $7,000. These transactions occurred during April 2017. Apr. 5...
-
At the beginning of the current season on April 1, the ledger of Gage Pro Shop showed Cash $3,000, Inventory $4,000, and Owners Capital $7,000. These transactions occurred during April 2020. Apr. 5...
-
In schema normalisation, is Boyce-Codd Normal Form (BCNF) always to be preferred over 3rd Normal Form (4NF)? Explain your answer. [5 marks] 8 (TURN OVER) CST.2004.7.4 8 Economics, Law and Ethics (a)...
-
Lisa Dunning borrowed John Brady's car with his permission. Due to carelessness in making a U-turn, Dunning was involved in a collision. The driver of the other vehicle was faultless and neither his...
-
A cylindrical rod is used for boiling water at 1 atm. The rod has a diameter of 1 cm and its surface has an emissivity of 0.3. Determine the film boiling convection heat transfer coefficient at the...
-
Innovative Technologies Ltd uses a job order costing system to control costs in its two production departments. Factory overhead is applied on the basis of machine hours in the Construction...
-
Jordan Sales Company (organized as a corporation on April 1, 2014) has completed the accounting cycle for the second year, ended March 31, 2016. Jordan also has completed a correct trial balance as...
-
You would like to calculate the benefits of one of the training programs in your organization. The cost of the program is $38,000 and the benefit is $205,000. Using this information, calculate each...
-
Under a periodic inventory system, purchases are Multiple choice question. recorded in a separate temporary account which is closed at period end recorded in a separate temporary account which is not...
-
7. The horizontal stick of length, L, shown in the figure is uniform and weighs 200 N. Calculate the tensions, T1 and T2, in the ropes supporting it when a weight (W 500 N) is suspended as shown. T1...
-
The currency for the country of Kuzcotopia is the Quatloo. 1 year ago, the Exchange Rate for the Quatloo to the Dollar was 12 Quatloos for one Dollar. Over the year, investment opportunities have...
-
How does emotional intelligence contribute to effective conflict resolution and negotiation strategies, enabling individuals to manage interpersonal conflicts constructively and navigate complex...
-
Compare and contrast the following strategic measurement tools used by business and human resource professionals as presented in the Required Unit Resources for this unit. Compare and contrast the...
-
What are three research objectives based upon the selected management question, research question and problem statement? Management question What are the risks of an avian flu outbreak for Perdue...
-
What impact do healthcare policymakers have on the other stakeholders (patients, providers, and payors) from access, cost, and quality of care perspectives? Include at least one example in your...
-
Marjorie Company's cash balance per the books at the end of the month was$9,200. After comparing the company's records with the monthly bank statement, Marjorie's accountant identified the following...
-
How has the too-big-to-fail policy been limited in the FDICIA legislation? How might limiting the too-big-to-fail policy help reduce the risk of a future banking crisis?
-
Describe the direct method for determining net cash provided by operating activities.
-
On July 1, 2012, Israel Co. pays $14,400 to Idonije Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Israel Co., journalize and post the entry...
-
The stockholders equity section of Melanie Corporation consists of common stock ($10 par) $2,000,000 and retained earnings $500,000. A 10% stock dividend (20,000 shares) is declared when the market...
-
For an unbounded fluid, the speed of sound is a thermodynamic property. What is its definition?
-
What is the change of the speed of sound with frequency called?
-
For tidal waves in a channel, what is the mathematical relationship between the speed of the wave and the depth of the channel?
Study smarter with the SolutionInn App