askmehelp86
Oct 15, 2011, 02:19 PM
At the beginning of the current season on April 1, the ledger of Wichita Pro Shop showed cash $3,226: Merchandise Inventory $3,500: and Common Stock $6,726. The following transactions were completed during April 2010.
April 5 Purchased gold bags, clubs and ball on account from Roland Co. $1,934, terms 3/10, n/60.
7 - Paid freight on Roland purchase $88.
9- Received credit from Roland Co. For merchandise returned $341.
10- sold merchandise on account to members $912, terms n/30. The merchandise sold had a cost of $660.
12 - Purchased gold shoes, sweaters, and other accessories on account from Eagle Sportswear sold was $550.
14- Paid Roland Co. In full.
17- Received credit from Eagle Sportswear for merchandise returned $60.
20- Made sales on account to members $832, term n/30. The cost of the merchandise sold was $550.
21 - Paid Eagle Sportswear in full.
27- Granted an allowance to members for clothing that did not fit properly $69.
30- received Payments on account from members $1,145.
Journalize the April transaction using perpetual inventory
Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions. Then complete the trial balance on April 30, 2010.
April 5 Purchased gold bags, clubs and ball on account from Roland Co. $1,934, terms 3/10, n/60.
7 - Paid freight on Roland purchase $88.
9- Received credit from Roland Co. For merchandise returned $341.
10- sold merchandise on account to members $912, terms n/30. The merchandise sold had a cost of $660.
12 - Purchased gold shoes, sweaters, and other accessories on account from Eagle Sportswear sold was $550.
14- Paid Roland Co. In full.
17- Received credit from Eagle Sportswear for merchandise returned $60.
20- Made sales on account to members $832, term n/30. The cost of the merchandise sold was $550.
21 - Paid Eagle Sportswear in full.
27- Granted an allowance to members for clothing that did not fit properly $69.
30- received Payments on account from members $1,145.
Journalize the April transaction using perpetual inventory
Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions. Then complete the trial balance on April 30, 2010.