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Apr. 2 4 Carla Vista Distributors completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of

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Apr. 2 4 Carla Vista Distributors completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Carla Vista showed Cash of 10,000 and Share Capital-Ordinary of 10,000. Purchased merchandise on account from Walker Supply 8,400, terms 1/10, n/30. Sold merchandise on account 6,100, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was 4,500. 5 Paid 250 freight on April 4 sale. 6 Received credit from Walker Supply for merchandise returned 200. 11 Paid Walker Supply in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash 4,300. 16 16 Received refund from supplier for returned goods on cash purchase of April 14, 480. 18 20 Purchased merchandise from Benjamin Glassware 4,700, FOB shipping point, terms 2/10, n/30. Paid freight on April 18 purchase 200. 23 Sold merchandise for cash 6,100. The merchandise sold had a cost of 5,800. 26 Purchased merchandise for cash 2,400. 27 Paid Benjamin Glassware in full, less discount. 29 Made refunds to cash customers for defective merchandise 90. The returned merchandise had a fair value of 40. 30 Sold merchandise on account 2,500, terms n/30. The cost of the merchandise sold was 2,200 Carla Vista chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-Out.

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