Reference no: EM133135912
Question - At the beginning of the current golf season, on April 1, 2021, the general ledger of the In the Martinez Golf Shop Limited showed Cash $4,160; Inventory $19,500; Common Shares $12,000; and Retained Earnings $11,660. The In the Martinez Golf Shop uses a perpetual inventory system and experiences a return rate of 2% on sales.
The following transactions occurred in April:
Apr. 3 Purchased golf bags, clubs, and balls on account from Balata Corp. for $3,200, terms 1/10, n/30, FOB shipping point.
Apr. 5 Freight of $289 was paid by the appropriate party on the April 3 purchase from Balata.
Apr. 7 Sold merchandise on account to members for $9,800, terms n/30. The cost of the merchandise sold was $5,700.
Apr. 9 Received a $316 credit from Balata for returned merchandise.
Apr. 11 Paid Balata in full.
Apr. 14 Received payments on account from members, $4,150.
Apr. 16 Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear Limited for $1,300, terms 2/10, n/30.
Apr. 17 Received a $100 credit from Arrow Sportswear for returned merchandise.
Apr. 20 Sold merchandise on account to members for $10,900, terms n/30. The cost of the merchandise sold was $6,000.
Apr. 24 Paid Arrow Sportswear in full.
Apr. 25 Received payments on account from members, $4,380.
Required - Record the April transactions.
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