At the beginning of the current season on april 1 the

Reference no: EM13587905

At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $2,660; Inventory $3,500; and Common Stock $6,160. The following transactions occurred during April 2014.
Journalize the April transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Apr. 5		Purchased golf bags, clubs, and balls on account from Akers Co. $1,700, terms 2/10, n/60.
7		Paid freight on Akers Co. purchases $80.
9		Received credit from Akers Co. for merchandise returned $600.
10		Sold merchandise on account to members $1,350, terms n/30.The merchandise sold had a cost of $880.
12		Purchased golf shoes, sweaters, and other accessories on account from Palmer Sportswear $950, terms 1/10, n/30.
14		Paid Akers Co. in full.
17		Received credit from Palmer Sportswear for merchandise returned $150.
20		Made sales on account to members $930, terms n/30. The cost of the merchandise sold was $550.
21		Paid Palmer Sportswear in full.
27		Granted credit to members for clothing that did not fit properly $90.
30		Received payments on account from members $1,200.

Reference no: EM13587905

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