At the beginning of the current season on april 1 the

Assignment Help Accounting Basics

Reference no: EM13568885

At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $2,500; Inventory $3,500; and Common Stock $6,000. The following transactions were completed during April 2014.

Apr. 5		Purchased golf bags, clubs, and balls on account from Akers Co. $1,500, terms 3/10, n/60.
7		Paid freight on Akers purchase $80.
9		Received credit from Akers Co. for merchandise returned $200.
10		Sold merchandise on account to members $1,340, terms n/30. The merchandise sold had a cost of $820.
12		Purchased golf shoes, sweaters, and other accessories on account from Palmer Sportswear $830, terms 1/10, n/30.
14		Paid Akers Co. in full.
17		Received credit from Palmer Sportswear for merchandise returned $30.
20		Made sales on account to members $810, terms n/30. The cost of the merchandise sold was $550.
21		Paid Palmer Sportswear in full.
27		Granted an allowance to members for clothing that did not fit properly $80.
30		Received payments on account from members $1,220.

Journalize the April transactions using a perpetual inventory system.

Reference no: EM13568885

Questions Cloud

When evaluating asset-backed securitization issues which of : when evaluating asset-backed securitization issues which of the following would be least important during the investors

I peoples company had net income of 390000 in 2014 and it : aif peoples company had net income of 390000 in 2014 and it experienced a 24.5 increase in net income for 2015 what is

The company would like to maintain ending merchandise : brarin corporation is a small wholesaler of gourmet food products. data regarding the stores operations

This discussion should be helpful in generating and : this discussion should be helpful in generating and refining topics for your researched argument essay. this practice

At the beginning of the current season on april 1 the : at the beginning of the current season on april 1 the ledger of flint hills pro shop showed cash 2500 inventory 3500

Under the basel ii capital accord banks that have obtained : under the basel ii capital accord banks that have obtained prior regulatory approval can use the internal models

Hizar company a retail store has an accounts receivable : hizar company a retail store has an accounts receivable turnover of 4.5 times. the industry average is 12.5 times.

Which of the following best describes the quantitative : which of the following best describes the quantitative parameters of the internal models approach?a. ten-day trading

The county of maxwell decides to create a sanitation : the county of maxwell decides to create a sanitation department and offers its services to the public for a fee. as a

User Account

All Pages