Question

At the beginning of the current season on April 1, the ledger of Sandhill Pro Shop showed Cash $3,100; Inventory $4,100; and Common Stock $7,200. The following transactions occurred during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,800, terms 4/10, n/60. 7 Paid freight on Arnie Co. purchases $96. 9 Received credit from Arnie Co.for merchandise returned $500. 10 Sold merchandise on account to members $1,608, terms n/30. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $996, terms 2/10, n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $196. 20 Made sales on account to members $972, terms n/30. 21 Paid Woods Sportswear in full. 27 Granted credit to members for clothing that did not fit properly $96. 30 Received payments on account from members $1,464.