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Journalize april transaction using periodic inventory system

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Reference no: EM131777375

Question - At the beginning of the current season on April 1, the ledger of Bonita Pro Shop showed Cash $2,500; Merchandise Inventory $3,500; and V.J. Singh, Capital $6,000.These trans- actions occurred during April 2010.

Apr. 5 Purchased golf bags, clubs, and balls on account from Hardee Co.$2,200,FOB shipping point, terms 2/10,n/60.

Apr. 7 Paid freight on Hardee Co. purchases $80.

Apr. 9 Received credit from Hardee Co. for merchandise returned $200.

Apr. 10 Sold merchandise on account to members $950, terms n/30.

Apr. 12 Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear $460, terms 1/10,n/30.

Apr. 14 Paid Hardee Co. in full.

Apr. 17 Received credit from Arrow Sportswear for merchandise returned $60.

Apr. 20 Made sales on account to members $1,000, terms n/30.

Apr. 21 Paid Arrow Sportswear in full.

Apr. 27 Granted credit to members for clothing that did not fit properly $75.

Apr. 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; V.J. Singh, Capital; Sales; Sales Returns and Allowances; Purchases; trial balance and partial income statement using periodic approach. 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 $4,524.

Reference no: EM131777375

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