Question

At the beginning of the current 2022 son on April 1, the edge of Ivanhoe Pro Shop showed Cash $3,070, Inventory $4.070and Common Stock $7.140. The fo Apr. 5 Purchased golf bags.clubs, and balls on account from Arnie Co. $1,710, terms 4/10, V60 7 Paid freight on Arnie Co purchases $91. 9 Received credit from Arnie Co. for merchandise returned $410. 10 Sold merchandise on account to members $1.528 terms V30. 12 Purchased golf shoes, weaters, and other accessories on account from Woods Sportswear SM6, term 2/10,130, 14 Pald Arnie Co.In full 17 Received credit from Woods Sportwear for merchandise returned $146. 20 Made sales on account to members $923. terms 30. 21 Paid Woods Sportwear in 27 Granted credit to members for clothing that did not fit properly $91. 30 Received payments on account from members $1.391 Journaithe Ar Indented when ctioning period invertory system e t er for the accounts and enter for the amounts Credits the minima Record journaltres in the order press the und e rlaces 5.275J Date Account Titles and Explanation Debit Credit MacBook Air os lock M option command

Answer 1

Date	Account	Debit	Credit
Apr.5	Purchases	$               1,710
	Accounts Payable		$            1,710
7	Freight-in	$                     91
	Cash		$                  91
9	Accounts Payable	$                   410
	Purchase return		$                410
10	Accounts Receivable	$               1,528
	Sales		$            1,528
12	Purchases	$                   946
	Accounts Payable		$                946
14	Accounts Payable	$               1,300
	Discount Received		$                  52
	Cash		$            1,248
	(Discount received for Prompt payment -within 10 days of Purchase)
	(1710-410)*4%
17	Accounts Payable	$                   146
	Purchase return		$                146
20	Accounts Receivable	$                   923
	Sales		$                923
21	Accounts Payable	$                   800
	Discount Received		$                  16
	Cash		$                784
	(Discount received for Prompt payment -within 10 days of Purchase)
	(946-146)*2%
27	Loss of Inventory*	$                     91
	Accounts Receivable		$                  91
	(*Loss of Inventory- There may be different ledger name in your box, provide available options in the comment box if you are confused )
30	Cash	$               1,391
	Accounts Receivable		$            1,391
30	Inventory (Ending) -Given	$               4,860
	Goods Sold	$               1,310
	Purchases (net of return)		$            2,100
	Inventory (Beginning)		$            4,070

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Cash
04-01-2022	$      3,070	7	$          91
30	$      1,391	14	$    1,248
		21	$        784
		04-30-22	$    2,338
Accounts Receivable
04-01-2022	$             -
10	$      1,528	27	$          91
20	$          923	30	$    1,391
		04-30-22	$        969

Inventory
04-01-2022	$    4,070	04-30-22	$    1,310
04-30-22	$    2,100
		04-30-22	$    4,860
Accounts Payable
		04-01-2022	$           -
9	$        410	5	$    1,710
14	$    1,300	12	$        946
17	$        146
21	$        800
04-30-22	$           -

--

Trial Balance
Item	Debit	Credit
Purchases (net of return)	$               2,100
Freight-in	$                     91
Cash	$               2,338
Accounts Receivable	$                   969
Accounts Payable		$                   -
Sales		$            2,451
Discount Received		$                  68
Loss of Inventory*	$                     91
Common Stock		$            7,140
Inventory	$               4,070
	$               9,659	$            9,659
Closing Inventory	$               4,860

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Statement of Income
Revenue
Sales	$               2,451
Less:Cost of Goods Sold	$               1,401
Gross Profit	$               1,050
Other Income
Discount Received	$                     68
Expenses
Loss of Inventory*	$                     91
-	$                      -
-	$                      -
Total Expenses	$                     91
Net Income	$               1,027