Prepare the T-accounts for the month of April, including their ending balance. There is no need to prepare the income statement, record closing entries, or prepare the balance sheet.

Transaction 1: Collects $10,000 cash from customers during April for merchandise sold and delivered in

March.

Transaction 2: Sells to customers, on account, merchandise with a selling price of 39,000. The

merchandise cost the firm $22,000, when it purchased the items from its supplier last

month. The firm has not yet paid the supplier for the merchandise.

Transaction 3: Pays suppliers $12,000 during April for merchandise received by the firm from its

suppliers and sold to customers during March.

Transaction 4: Receives from suppliers during April merchandise that cost $47,000 and that the firm

expects to pay for during May. The firm also expects to sell the merchandise in May for

$78,000.

Transaction 5: Receives $5,000 from customers for merchandise that the firm will deliver in May.
 

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Toes Corp. is a footwear store located in South Padre Island. Below is its balance sheet, as of March 31: Assets Current Assets Cash Accounts Receivable Inventory 60,000 60,000 20,000 15,000 25,000 Liabilities plus Shareholders' Equity 60,000 Liabilities Accounts Payable Shareholders' Equity Contributed Capital 15,000 15,000 45,000 45,000 Toes Corp. is a footwear store located in South Padre Island. Below is its balance sheet, as of March 31: Assets Current Assets Cash Accounts Receivable Inventory 60,000 60,000 20,000 15,000 25,000 Liabilities plus Shareholders' Equity 60,000 Liabilities Accounts Payable Shareholders' Equity Contributed Capital 15,000 15,000 45,000 45,000

Answer rating: 100% (QA)

Answer Journal Entrees Transaction 1 Cash Account Dr 10000 To Sales Account 10000 Being Cash Sales M... View the full answer