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New Member
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Oct 5, 2006, 03:42 PM
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General journals
P5-9A.
At the beginning of the current season on April 1, the ledger of Fairway Pro Shop showed Cash $2,500; Merchandise Inventory $3,500; and Common Stock $6,000. These transactions occurred during April 2007.
Apr. 5 Purchased golf bags, clubs, and balls on account from Kokott Co. $1,800, FOB shipping point, terms 3/10, n/60.
7 Paid freight on Kokott Co. purchases $80.
9 Received credit from Kokott Co. for merchandise returned $200.
10 Sold merchandise on account to members $910, terms n/30.
12 Purchased golf shoes, sweaters, and other accessories on account from Eagle Sportswear $730, terms 1/10, n/30.
14 Paid Kokott Co. in full.
17 Received credit from Eagle Sportswear for merchandise returned $30.
20 Made sales on account to members $840, terms n/30.
21 Paid Eagle Sportswear in full.
27 Granted credit to members for clothing that did not fit properly $60.
30 Received payments on account from members $1,100.
The chart of accounts for the pro shop includes Cash, Accounts Receivable, Merchandise Inventory, Accounts Payable, Common Stock, Sales, Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-in.
Hint: Journalize, post, and prepare trial balance and partial income statement using periodic approach. (SO 5 and SO 7)
Instructions
a.
Journalize the April transactions using a periodic inventory system.
b.
Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions.
c.
Prepare a trial balance on April 30, 2007.
I just need help with the journal part
Dr cr
5 merchandise 1800
Ap 1800
7. Freight 80
Cash 80
9. returns 200
Merchandise 200
10 AR 910
Merchandise 910
12 Merchandise 730
AP 730
14 AP 1800
Cash 1800
17 purchase returns 30
Merchandise 30
20 AR 840
Sales 840
21 AP 730
Cash 730
27 allowances 60
Cash 60
30 cash 1100
AR 1100
When I try to balance it, I get the following
Cash 930
Ar 650
Merchandise 4890
Purchase returns 230
Sales returns allowances 60
Purchases 1530
Freight 80
total 8370
AP 0
CS 6000
Sales 840
total 6840
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Ultra Member
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Oct 5, 2006, 09:56 PM
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Originally Posted by cahitmanhart
Apr. 5 Purchased golf bags, clubs, and balls on account from Kokott Co. $1,800, FOB shipping point, terms 3/10, n/60.
Dr. Purchases 1,800
Cr. Accounts Payable 1,800
Originally Posted by cahitmanhart
7 Paid freight on Kokott Co. purchases $80.
Dr. Freight-in 80
Cr. Cash 80
Originally Posted by cahitmanhart
9 Received credit from Kokott Co. for merchandise returned $200.
Dr. Accounts Payable 200
Cr. Purchase Returns and Allowances 200
Originally Posted by cahitmanhart
10 Sold merchandise on account to members $910, terms n/30.
Dr. Accounts Receivable 910
Cr. Sales 910
Originally Posted by cahitmanhart
12 Purchased golf shoes, sweaters, and other accessories on account from Eagle Sportswear $730, terms 1/10, n/30.
Dr. Purchases 730
Cr. Accounts Payable 730
Originally Posted by cahitmanhart
14 Paid Kokott Co. in full.
Dr. Accounts Payable 1,600
Cr. Cash 1,552
Cr. Purchase Discounts 48
Originally Posted by cahitmanhart
17 Received credit from Eagle Sportswear for merchandise returned $30.
Dr. Accounts Payable 30
Cr. Purchase Returns and Allowances 30
Originally Posted by cahitmanhart
20 Made sales on account to members $840, terms n/30.
Dr. Accounts Receivable 840
Cr. Sales 840
Originally Posted by cahitmanhart
21 Paid Eagle Sportswear in full.
Dr. Accounts Payable 700
Cr. Cash 693
Cr. Purchase Discounts 7
Originally Posted by cahitmanhart
27 Granted credit to members for clothing that did not fit properly $60.
Dr. Sales Returns and Allowances 60
Cr. Accounts Receivable 60
Originally Posted by cahitmanhart
30 Received payments on account from members $1,100.
Dr. Cash 1,100
Cr. Accounts Receivable 1,100
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New Member
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Oct 6, 2006, 10:29 AM
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Thank you, I see that the AP for paying in full is subtracted by all the returns, again thank you for your time and service
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Ultra Member
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Oct 7, 2006, 12:21 AM
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You're welcome cahitmanhart
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