At the beginning of the current season on april 1 the, Ask an Expert

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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 occurred 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 Co. purchases $80.
9		Received credit from Akers Co. for merchandise returned $200.
10		Sold merchandise on account to members $1,340, terms n/30.
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.
21		Paid Palmer Sportswear in full.
27		Granted credit to members for clothing that did not fit properly $80.
30		Received payments on account from members $1,220.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9799759

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