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problem: At the starting of the current season on April 1, the ledger of Four Oaks Pro Shop showed Cash $2,500; Merchandise Inventory $3,500; & Common Stock $6,000. These transactions occurred during April 2008.

April 5

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

7

Paid freight on Hardee Co. purchases $80.

9

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

10

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

12

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

14

Paid Hardee Co. in full.

17

Received credit from Arrow Sportswear for merchandise returned $60.

20

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

21

Paid Arrow Sportswear in full.

27

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

30

Received payments on account from members $1,100.

The chart of accounts for the pro shop includes Cash; Merchandise Inventory; Accounts Payable; Common Stock; Accounts Receivable; Sales; Purchases; Purchase Returns and Allowances; Sales Returns and Allowances; Purchase Discounts, and Freight-in.

Instructions:
[A] Journalize the April transactions using a periodic system.
Note:  Total trial balance $8,254.
Gross profit $463

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922009

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