Question

At the beginning of the current season on April 1, the ledger of Sunland Pro Shop showed Cash $2.940: Inventory $3,500, and Common Stock $6,440. The following transactions were completed during April 2022. Apr.5 Purchased golf bags, clubs, and balls on account from Arnie Co. $2.000 terms 2/10, 1/60 7 Paid freight on Arnie purchase $80. 9 Received credit from Arnie Co.for merchandise returned $600. 10 Sold merchandise on account to members 51.390 terms 1/30. The merchandise sold had a cost of $750. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,070, terms 1/10, 1/30 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $70. 20 Made sales on account to members $930, terms 1/30. The cost of the merchandise sold was $550. 21 Paid Woods Sportswear in full. 27 Granted an allowance to members for clothing that did not fit properly $75. 30 Received payments on account from members $1.280. Journalize the April transactions using a perpetual inventory system. Of no entry is required, select "No Entry for the account titles and enter for the amounts Credit account there outomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Type here to search TOSHIBA 40 CE

Answer 1

Credit ($) Debit ($) $ 2,000 $ 2,000 $ 70 $ 70 99. An $ 600 10 $ 600 11 $ 1,390 $ 1,390 12 13 14 15 А в с Journal Entries Date Account Titles 5-Apr Inventory Accounts Payable (To record inventory purchased) 7-Apr Inventory Cash (To record freight paid) 9-Apr Accounts Payable Inventory |(To record inventory returned) 10-Apr Accounts Receivable Sales Revenue (To record sales revenue) 10-Apr Cost of Goods Sold Inventory (To record cost of goods sold) 12-Apr Inventory Accounts Payable (To record inventory purchased) 14-Apr Accounts Payable Sales Returns and Allowances Cash (To record cash paid) 17-Apr Accounts Payable Inventory (To record the allowance) $ 750 16 $ 750 17 18 19 $ 1,070 $ 1,070 20 21 $ $ 1,400 28 22 23 $ 1,372 24 $ 70 Is 26 70 27

$ 930 $ 930 $ 550 $ $ 1,000 10 A B 28 20-Apr Accounts Receivable 29 Sales Revenue 30 (To record sales revenue) 31 20-Apr Cost of Goods Sold Inventory |(To record cost of goods sold) 21-Apr Accounts Payable 35 Sales Returns and Allowances 36 Cash 37 (To record cash paid) 27-Apr Sales Returns and Allowances Accounts Receivable (To record sales returns) 41 30-Apr Cash Accounts Receivable (To record cash received) 44 38 $ 75 $ 75 $ 1,280 42 $ 1,280 43

G K L O 2 1 2 M N Common Stock 1-Apr $ 6,440 1-Apr 30-Apr H Cash $ 2,940 7-Apr $ 1,280 14-Apr 21-Apr $ 1,778 3 30- $ 80 $ 1,372 $ 990 30-Apr $ 6,440 5 30-Apr 6 7 10-Apr 20-Apr 30-Apr Accounts Receivable $ 1,390 27-Apr $ 930 30-Apr $ 965 $ 75 $ 1,280 Sales Revenue 10-Apr 20-Apr 30-Apr $ 1,390 $ 930 $ 2,320 Sales Returns and Allowances 27-Apr $ 75 14-Apr $ | 21-Apr $ 30-Apr $ 37 28 10 Inventory $ 3,500 9-Apr $ 2,000 10-Apr $ 80 17-Apr $ 1,070 20-Apr 1-Apr 5-Apr 7-Apr 12-Apr $ $ $ $ 600 750 70 550 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Cost of Goods Sold 10-Apr $ 750 20-Apr $ 550 30-Apr $ 1,300 30-Apr $ 4,680 $ 2,000 $ 1,070 9-Apr 17-Apr 14-Apr 21-Apr Accounts Payable $ 600 5-Apr $ 70 12-Apr $ 1,400 $1,000 30-Apr $

T a R S SUNLAND PRO SHOP Trial Balance for the month ended April 30, 2022 Account Titles Debit ($) Credit ($) 5 Cash $ 1,778 6 Accounts Receivable $ 965 7 Inventory $ 4,680 8 Accounts Payable $ - 9 Common Stock $ 6,440 10 Sales Revenue $ 2,320 11 Sales Returns and Allowances $ 37 12 Cost of Goods Sold $ 1,300 13 14 Total $ 8,760 $ 8,760 15 U VW SUNLAND PRO SHOP Income Statement (Partial) for the month ended April 30, 2022 Revenue Sales Revenue $ 2,320 Less: Sales Returns and Allownaces $ 37 Net Sales $ 2,283 Less: Cost of Goods Sold $ 1,300 Gross Income $ 983

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