Question

roblem 5-3A (Part Level Submission) t the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $3,070;Inventory $3,500; and Common Stock $6,570. The foilowing transactions were completed uring April 2017, Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $2,600, terms 2/10, n/6o 7 Paid freight on Amie purchase $80 credit from Amie Co. for merchandise returned $300. Sold merchandise on account to members $1,440, terms n/30. The merchandise sold had a cost of $810 Purchased goif shoes, sweaters, and other accessories on account from Woods Sportswear $970, terms 2/10, n/3o. Paid Arnie Co. in full. 10 14 20 Made sales on account to members ses0, terms n/30. The cost of the merchandise sold was $5s0. 21 Paid Woods Sportswear in full. Granted an allowance to members for clothing that did not fit properly s8o. Received payments on account from members $1,470 27 and enter 0 for the amounts Credit account titles decimal places are automatically Indented when amount is entered. Do not indent manually, Record journal entries in the order e.g. S,27s.) presented in the problem. Round answers to o

Answer 1

Apr. 5	Inventory	2600
	Accounts payable		2600
Apr. 7	Inventory	80
	Cash		80
Apr. 9	Accounts payable	300
	Inventory		300
Apr. 10	Accounts receivable	1440
	Sales revenue		1440
	(To record credit sale)
	Cost of goods sold	810
	Inventory		810
Apr. 12	Inventory	970
	Accounts payable		970
Apr. 14	Accounts payable	2300
	Inventory		46	=2300*2%
	Cash		2254
Apr. 17	Accounts payable	70
	Inventory		70
Apr. 20	Accounts receivable	850
	Sales revenue		850
	(To record credit sale)
	Cost of goods sold	550
	Inventory		550
Apr. 21	Accounts payable	900
	Inventory		18	=900*2%
	Cash		882
Apr. 27	Sales returns and allowances	80
	Accounts receivable		80
Apr.30	Cash	1470
	Accounts receivable		1470