Reference no: EM131790077
Question - At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,465; Merchandise Inventory $1,704; and Common Stock $4,169. The following transactions were completed during April.
Apr. 4 Purchased racquets and balls from Denton Co. $706, terms 3/10, n/30.
6 Paid freight on Denton Co. purchase $46.
8 Sold merchandise to members $949, terms n/30.
10 Received credit of $41 from Denton Co. for a damaged racquet that was returned.
11 Purchased tennis shoes from Newbee Sports for cash $450.
13 Paid Denton Co. in full.
14 Purchased tennis shirts and shorts from Venus's Sportswear $643, terms 2/10, n/60.
15 Received cash refund of $34 from Newbee Sports for damaged merchandise that was returned.
17 Paid freight on Venus's Sportswear purchase $24.
18 Sold merchandise to members $1,028, terms n/30.
20 Received $446 in cash from members in settlement of their accounts.
21 Paid Venus's Sportswear in full.
27 Granted an allowance of $28 to members for tennis clothing that did not fit properly.
30 Received cash payments on account from members $540.
The chart of accounts for the tennis shop includes Cash; Accounts Receivable; Merchandise Inventory; Accounts Payable; Common Stock; Sales; Sales returns & allowances; Purchases; Purchase Returns and Allowances; Purchase Discounts; and Freight-in.
Journalize the April transactions using a periodic inventory system.