At the beginning of the current golf season, on April 1, 2021, the general ledger of the In the Pina Colada Golf Shop Limited showed Cash $ 4,400; Inventory $ 20,670; Common Shares $ 12,720; and Retained Earnings of $ 12,350. The In the Pina Colada Golf Shop uses a perpetual inventory system and experiences a return rate of 2% on sales. The following transactions occurred in April:

Apr.	3		Purchased golf bags, clubs, and balls on account from Balata Corp. for $ 3,392, terms 1/10, n/30, FOB shipping point.
	5		Freight of $ 307 was paid by the appropriate party on the April 3 purchase from Balata.
	7		Sold merchandise on account to members for $ 10,400, terms n/30. The cost of the merchandise sold was $ 6,000.
	9		Received a $ 334 credit from Balata for returned merchandise.
	11		Paid Balata in full.
	14		Received payments on account from members, $ 4,399.
	16		Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear Limited for $ 1,390, terms 2/10, n/30.
	17		Received a $ 106 credit from Arrow Sportswear for returned merchandise.
	20		Sold merchandise on account to members for $ 11,500, terms n/30. The cost of the merchandise sold was $ 6,300.
	24		Paid Arrow Sportswear in full.
	25		Received payments on account from members, $ 4,644.

Set up T accounts, enter the opening balances, and post the transactions.

Cash

Accounts Receivable

Inventory

Estimated Inventory Returns

Common Shares

Accounts Payable

Refund Liability

Sales

Cost of Goods Sold

Retained Earnings