1. Journalize the transactions using a perpetual inventory system. Assume BPBD accounts for cash discounts using the Gross Method for cash discounts.

Financial Accounting Turck Journalize, post to GIL, ereeare Trial Balance and ereeare eartial Income Statement: The following merchandising transactions were completed by Butch's Paint Ball Distribution, Inc.(BPBD) during April, which is its first month of operations after incorporating and a purchase of some merchandise for resale in late in March. At the beginning of April, the General Ledger of BPBD, Inc. contains an $8,000 debit balance in Cash, a $1,000 debit in Merchandise Inventory, and a $9,000 credit balance in Common Stock. 30 Purchase merchandise on account from Good-Shot, Inc. $5,900, terms 2! 10 n! 30. Sold merchandise on account $5,000; FOB destination, terms 2! 10, n! 30. The cost of the merchandise sold was $4,000. (two entries needed, reserve at least 6 general journal rows) Received invoice and paid Fast-Freight Inc. $200 for delivery charge on April 4 sale. Received credit from Good-Shot, Inc. for merchandise returned $300. Took advantage of cash discount and settled account with Good-Shot, Inc. Received proper payment from customer to clear the outstanding April 4111 sales invoice. Purchased merchandise with cash $4,400. Received refund from supplier on cash purchase of April 14, $500. Purchased $4,200 of merchandise from Bobby Duke Sales, Inc., FOB shipping point, terms 2! 10, nf30. Freight charges billed separately from 3rd party carrier, see next transaction. Received invoice and paid Fast Freight Inc. related to April 18 purchase, $100. Sold merchandise for cash $6,400. The merchandise sold had a cost of $5,120. Purchased merchandise for cash $2,300. Took advantage of cash discount and settled account with Bobby Duke Sales, Inc. Made cash refund of $90 to customer for returned merchandise related to Apr. 23 transaction. The returned merchandise is deemed worthless and disposed of into the trash. These goods had an original cost to BPBD of $70. Sold merchandise on account $3,700, terms nf30. The cost of the merchandise sold was $3,000. BPBD's Chart of Accounts includes the following: {theee are the enly ameng gee may gee) No. 101 No. 112 No. 120 No. 201 No. 311 No. 401 No. 412 No. 414 No. 505 No. 565 Cash Accounts Receivable Merchandise Inventory (including incoming freight charges) (CkFig) Note: The April 30 physical count of inventory reports $4,784 cost of goods on hand. Accounts Payable Common Stock Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-out (outgoing freight charges) GENERAL LEDGER ACCOUNT CASH ACCOUNT NO. 101 POST. BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT MAR 29 G1 9,000.00 9,000.00 MAR 31 G1 1,000.00 8,000.00 CkFig: 20,800.00 17,694.00 ACCOUNT ACCOUNT NO POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT MERCHANDISE INVENTORY (include incoming freight costs) ACCOUNT NO. 120 POST. BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT MAR 31 (begin bal for Apr.) G1 1,000.00 1,000.00GENERAL LEDGER ACCOUNT ACCOUNT NO. POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT ACCOUNT NO. POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT COMMON STOCK ACCOUNT NO 311 POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT MAR 29 G1 9,000.00 9,000.00 ACCOUNT ACCOUNT NO. POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDITGENERAL LEDGER ACCOUNT ACCOUNT NO POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT ACCOUNT NO POST . BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT ACCOUNT NO POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT ACCOUNT NO POST. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT ACCOUNT ACCOUNT NO. POST BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT