Reference no: EM132044170
Problem - Adam Nichols, a former disc golf star, operates Adam's Discorama. At the beginning of the current season on April 1, the ledger of Adam's Discorama showed Cash $1,900.00, Inventory $2,400.00, and Owner's Capital $4,300.00. The following transactions were completed during April.
Apr. 5 Purchased golf discs, bags, and other inventory on account from Rayford Co. $1,000.00, FOB shipping point, terms 2/10, n/60.
Apr. 7 Paid freight on the Rayford purchase $50.00.
Apr. 9 Received credit from Rayford Co. for merchandise returned $200.00.
Apr. 10 Sold merchandise on account for $930.00, terms n/30. The merchandise sold had a cost of $558.00.
Apr. 12 Purchased disc golf shirts and other accessories on account from Galaxy Sportswear $610.00, terms 1/10, n/30.
Apr. 14 Paid Rayford Co. in full, less discount.
Apr. 17 Received credit from Galaxy Sportswear for merchandise returned $60.00.
Apr. 20 Made sales on account for $690.00, terms n/30. The cost of the merchandise sold was $370.00.
Apr. 21 Paid Galaxy Sportswear in full, less discount.
Apr. 27 Granted an allowance to customers for clothing that was flawed$20.00.
Apr. 30 Received payments on account from customers $880.00.
Required -
Journalize the April transactions using a perpetual inventory system.
Enter the beginning balances in the ledger accounts and post the April transactions.
Prepare a trial balance on April 30, 2014.
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