Reference no: EM131144132
At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,500; Merchandise Inventory $1,700; and Angie Wilbert, Capital $4,200.The following transactions were completed during April.
Apr. 4 Purchased racquets and balls from Denton Co. $740, terms 3/10, n/30.
6 Paid freight on Denton Co. purchase $60.
8 Sold merchandise to members $900, terms n/30.
10 Received credit of $40 from Denton Co. for a racquet that was returned.
11 Purchased tennis shoes from Newbee Sports for cash $300.
13 Paid Denton Co. in full.
14 Purchased tennis shirts and shorts from Venus's Sportswear $600, terms 2/10, n/60.
15 Received cash refund of $50 from Newbee Sports for damaged merchandise that was returned.
17 Paid freight on Venus's Sportswear purchase $30.
18 Sold merchandise to members $1,000, terms n/30.
20 Received $500 in cash from members in settlement of their accounts.
21 Paid Venus's Sportswear in full.
27 Granted an allowance of $30 to members for tennis clothing that did not fit properly.
30 Received cash payments on account from members $500.
The chart of accounts for the tennis shop includes Cash; Accounts Receivable; Merchandise
Inventory; Accounts Payable; Angie Wilbert, Capital; Sales; Sales Returns and Allowances;
Purchases; Purchase Returns and Allowances; Purchase Discounts; and Freight-in.
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, 2010.
(d) Prepare an income statement through gross profit, assuming merchandise inventory on hand at April 30 is $2,296.
What is the maximum value of px for which the consumer
: Suppose that a consumer's utility function is U(x,y)= xy + 10y. The marginal utilities for this utility function are MUx= y and MUy = x+10. The price of good x is Px and the price of good y is Py, with both prices positive. The consumer has income I.
|
What are the strengths of obama points
: Although the U.S. is still primarily a Christian nation, it is true that we are not entirely a Christian nation. In light of this, what is one of Obama's two major arguments for reinforcing the separation between church and state?
|
What would the transfer price be
: Do you suppose that P1 Division and A1 Division will choose to transfer at that price? A1 Division P1 Divisio- What is the minimum transfer price?
|
Why do supporters of globalization tend to oppose
: Bates discusses a fascinating example of "peace without a state" in his discussion of the Nuer (43-45). He argues that the Nuer constructed a society that provided some peace without the threat of state violence, but it came at a great cost?
|
The following transactions were completed during april
: At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,500; Merchandise Inventory $1,700; and Angie Wilbert, Capital $4,200.The following transactions were completed during April.
|
Find the total cost of producing 101 items
: The cost function of a certain commodity is C(x) = 78 + .16x − .0006x 2 + .000003x 3.(a) Find C ′ (100). (What does this mean?) (b) Find the total cost of producing 101 items.
|
Kristen montana operates a retail clothing operation
: Kristen Montana operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system.
|
What is easiest way to jump from cell to cell when inputting
: You have created a basic table within a slide and you want to apply special effects to the column headers such as beveling and shadowing. How do you accomplish this in PowerPoint 2007? What is the easiest way to jump from cell to cell when inputtin..
|
Equation of motion using the lagrange formulation
: Derive the equation of motion using the Lagrange formulation, linearize the equation, and compute the system's natural frequency.
|