At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $2,660; Inventory $3,500; and Common Stock $6,160. The following transactions occurred during April 2014.
Journalize the April transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
| Apr. 5 |
|
Purchased golf bags, clubs, and balls on account from Akers Co. $1,700, terms 2/10, n/60.
|
| 7 |
|
Paid freight on Akers Co. purchases $80. |
| 9 |
|
Received credit from Akers Co. for merchandise returned $600. |
| 10 |
|
Sold merchandise on account to members $1,350, terms n/30.The merchandise sold had a cost of $880. |
| 12 |
|
Purchased golf shoes, sweaters, and other accessories on account from Palmer Sportswear $950, terms 1/10, n/30. |
| 14 |
|
Paid Akers Co. in full. |
| 17 |
|
Received credit from Palmer Sportswear for merchandise returned $150. |
| 20 |
|
Made sales on account to members $930, terms n/30. The cost of the merchandise sold was $550. |
| 21 |
|
Paid Palmer Sportswear in full. |
| 27 |
|
Granted credit to members for clothing that did not fit properly $90. |
| 30 |
|
Received payments on account from members $1,200. |