Business, 04.03.2022 06:00 tay3783

At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $2,500, Inventory $3,500, and Common Stock $6,000. The following transactions were completed during April 2022. Apr. 5 Purchased golf discs, bags, and other inventory on account from Arnie Co. $1,500, FOB shipping point, terms 3/10, n/60.
7 Paid freight on the Arnie purchase $80. 9 Received credit from Arnie Co. for merchandise returned $200.
10 Sold merchandise on account for $1,340, terms n/30. The merchandise sold had a cost of $820.
12 Purchased disc golf shirts and other accessories on account from Woods Sportswear $830, terms 1/10, n/30.
14 Paid Arnie Co. in full, less discount.
17 Received credit from Woods Sportswear for merchandise returned $30.
20 Made sales on account to members for $810, terms n/30. The cost of the merchandise sold was $550.
21 Paid Woods Sportswear in full, less discount.
27 Granted an allowance to members for clothing that did not fit $80.
30 Received payments on account from members $1,220.

Required:
Journalize the April transactions using a perpetual inventory system.

Answers: 2

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At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash...

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