Question

Problem 5-4A Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. At the beginning of the current season on April 1, the ledger of Yolanda's Discorama showed Cash $1,800, Inventory $2,500, and Owner's Capital $4,300. The following transactions were completed during April. Apr. Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,200, FOB shipping point, terms 2/10, n/60. 7 Paid freight on the Mumford purchase $50. 9 Received credit from Mumford Co. for merchandise returned $100. 10 Sold merchandise on account for $900, terms n/30. The merchandise sold had a cost of $540. 12 Purchased disc oolf shirts and other accessories on account from Saucer Sportswear $620, terms 1/10, n/30 14 Paid Mumford Co. in full, less discount. 17 Received credit from Saucer Sportswear for merchandise returned $70. 20 Made sales on account for $610, terms n/30. The cost of the merchandise sold was s370. 21 Paid Saucer Sportswear in full, less discount. 27 Granted an allowance to customers for clothing that was flawed $20. 30 Received payments on account from customers s900,

Answer 1