Question

Weygandt, Accounting Principles, 13e Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Problem 5-04A a-c (Part Level Submission) Bramble Hagen, a former disc golf star, operates Bramble's Discorama. At the beginning of the current season on April 1, the ledger of Bramble's Discorama showed Cash $1,800, Inventory $2,200, and Owner's Capital $4,000. The following transactions were completed during April Apr. 5 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,000, FOB shipping point, terms 2/10, 1/60. 7 Paid freight on the Mumford purchase $40. 9 Received credit from Mumford Co. for merchandise returned $100 10 Sold merchandise on account for $800, terms 1/30. The merchandise sold had a cost of $480. 12 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $660, terms 1/10, n/30 14 Pald Mumford Co. in full, less discount. 17 Received credit from Saucer Sportswear for merchandise returned $60. 20 Made sales on account for $510, terms 1/30. The cost of the merchandise sold was $300. 21 Paid Saucer Sportswear in full, less discount. 27 Granted an allowance to customers for clothing that was flawed $10. 30 Received payments on account from customers $800. The chart of accounts for the store includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold. (a) Journalize the Aprit transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem.) Date Account Tities and Explanation Debit Credit

Answer 1

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A B C DE F G H K 1 2 Date Account title 5-Apr Inventory Accounts Payable Debit Credit 1000 1000 Date Account title 17-Apr Accounts Payable Inventory Debit Credit 60 st 60 5 40 510 3 4 5 6 7 8 9 10 7-Apr Inventory Cash 20-Apr Accounts Receivable Sales Revenue 40 510 100 300 9-Apr Accounts Payable Inventory 20-Apr Cost of Goods Sold Inventory 100 300 11 12 800 600 10-Apr Accounts Receivable Sales Revenue 13 800 21-Apr Accounts Payable Cash Inventory 594 14 6 15 480 10-Apr Cost of Goods Sold Inventory 16 480 10 27-Apr Sales Returns and Allowance Accounts Receivable 17 10 18 660 12-Apr Inventory Accounts Payable 19 660 800 30-Apr Cash Accounts Receivable 20 800 21 900 22 14-Apr Accounts Payable Cash Inventory 882 23 18 24 25 26 27 KI Sheet160 Sheet161 Sheet162 Sheet163 Sheet164 Sheet165 Sheet166 Stats I Ready

For calculation ref:

А B с D E F G H J 1 2 Credit Debit Credit Date Account title 43926 Inventory Accounts Payable Debit 1000 3 Date Account title =B21+3 Accounts Payable Inventory 60 4 1=D3 60 5 6 40 =G3+3 510 =B3+2 Inventory Cash Accounts Receivable Sales Revenue 7 =D6 =16 00 9 =B6+2 100 =G6 300 Accounts Payable Inventory Cost of Goods Sold Inventory 10 =D9 300 11 12 =B9+1 (D18-13) Accounts Receivable 800 Sales Revenue 13 1=D12 =G6+1 Accounts Payable Cash Inventory =112-114 =112*1% 14 15 =B12 480 Cost of Goods Sold Inventory 16 480 10 =G12+6 Sales Returns and Allowance Accounts Receivable 17 10 18 660 =B15+2 Inventory Accounts Payable 19 -D18 800 =G16+3 Cash Accounts Receivable 20 800 21 22 =B18+2 Accounts Payable Cash Inventory =(D3-D9) =D21-E23 =D21*2% 23 24 25 26 27 Sheet160 Sheet161 Sheet162 Sheet163 Sheet164 Sheet165 Sheet166 Stats Ready