Question

s Question 2 ions At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $2,620 Inventory$3,500 and Common Stock $&120.The following transactions were completed during April 2017 Apr.5 Purchased golf bags clubs and balis on account from Anie Co.$2.200, terms 3/10, n60 7 Pald freight on Arrie purchase $ 80 9 Received credit from Arnie Co for merchandise returned $ 400 0 Sold merchandise on account to members $ 1,480, terms n/3Q.The merchandise sold had a cost of s 820 12 Purchased golf ป๐es, sweaters, and other accessories on a count from woods Sortvwear $ S40 terms 2/3a noo. 4 Paid Arnie Co in ful 17 Recelved credit from Woods Sportswear for merchandise returned 5 40 20 Made sales on account to members 5 840, terms nv/30 The cost of the merchandise sold was 5 550 21 Paid Woods Sportswear in full 27 Granted an allowance to members for clothing that did not ht properly 5 75 30 Received payments on account from members$ 1,260 Journalize the Apri trasactions using a perpetual inventory system pr no eney is eaned selet .N, Enyhe ee acont aan ad-te O he ae anwer Ositomotilaat aimakal.. when anount is entered. Do not indent manually. Record journal entries in the onder presented in thet problm Round answrs to D decimd places, eg s275)

Answer 1

Enter the beginning balances in ledger accounts, and post the April transactions Cash Accounts Payable Apr 1 400 1,800 40 800 2,200 Apr 5 2,620 1,260 80 Apr 7 1,746Apr 14 792 Apr 21 840 Apr 12 Apr 14 Apr 17 Apr 21 Apr 30 0 Apr 30 Apr 30 1,262 Accounts Receivable Common Stock Apr 10 Apr 20 6,120 Apr 1 1,480 840 75 Apr 27 1,260 Apr 30 6,120 Apr 30 Apr 30 985 Inventory 3,500 2,200 80 840 Apr 1 400 Apr 9 820 Apr 10 54 Apr 14 40 Apr 17 550 Apr 20 8 Apr 21 Apr 12 Apr 30 4,748 Cost of Goods Sold Sales Revenue Apr 10 Apr 20 Apr 30 820 550 1,370 1,480 Apr 10 840 Apr 20 2,320 Apr 30 Sales Returns & Allowances Apr 27 75 Apr 30 75