At the beginning of the current golf season, on April 1, 2021, the general ledger of the In the Concord Golf Shop Limited showed Cash $ 5.280: Inventory $ 24,960; Common Shares $ 15,360; and Retained Earnings $ 14,880. The In the Concord Golf Shop uses a perpetual inventory system and experiences a return rate of 2% on sales. The following transactions occurred in April: Apr. 3 un 5 Purchased golf bags, clubs and balls on account from Balata Corp. for $4,096, terms 1/10, 1/30, FOB shipping point Freight of $ 373 was paid by the appropriate party on the April 3 purchase from Balata. Sold merchandise on account to members for $ 12,600, terms n/30. The cost of the merchandise sold was $ 7,100. Received a $ 400 credit from Balata for returned merchandise. 7 9 11 Paid Balata in full 14 16 Received payments on account from members, $ 5,312 Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear Limited for $ 1,720, terms 2/10,n/30 Received a $ 128 credit from Arrow Sportswear for returned merchandise. Sold merchandise on account to members for $ 13,700, terms n/30. The cost of the merchandise sold was $ 7,400. Paid Arrow Sportswear in full. 17 20 24 25 Received payments on account from members, $ 5,612 VE Aor. 3 V Inventory 4096 Accounts Payable 4096 Apr. 5