Problem 5-3A (Part Level Submission)
At the beginning of the current season on April 1, the ledger of
Granite Hills Pro Shop showed Cash $3,280; Inventory $3,500; and
Common Stock $6,780. The following transactions were completed
during April 2017.
Apr. 5 | Purchased golf bags, clubs, and balls on account from Arnie Co. $2,000, terms 3/10, n/60. | |
7 | Paid freight on Arnie purchase $80. | |
9 | Received credit from Arnie Co. for merchandise returned $200. | |
10 | Sold merchandise on account to members $1,220, terms n/30. The merchandise sold had a cost of $770. | |
12 | Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $760, terms 1/10, n/30. | |
14 | Paid Arnie Co. in full. | |
17 | Received credit from Woods Sportswear for merchandise returned $60. | |
20 | Made sales on account to members $810, terms n/30. The cost of the merchandise sold was $550. | |
21 | Paid Woods Sportswear in full. | |
27 | Granted an allowance to members for clothing that did not fit properly $90. | |
30 | Received payments on account from members $1,250. |
Using T-accounts, enter the beginning balances in the ledger
accounts and post the April transactions. (Post entries
in the order of journal entries posted in part a. For accounts that
have a zero balance select "4/30 Bal." from the list and enter 0
for the amount.)
Problem 5-3A (Part Level Submission) At the beginning of the current season on April 1, the...
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