At the beginning of the current golf season, on April 1, 2021, the general ledger of the In the Novak Golf Shop Limited showed Cash $4,320; Inventory $20,280; Common Shares $12,480; and Retained Earnings $12,120. The In the Novak Golf Shop uses a perpetual inventory system and experiences a return rate of 2% on sales. The following transactions occurred in April: Apr. 3 5 7 9 11 14 16 Purchased golf bags, clubs, and balls on account from Balata Corp. for $3,328, terms 1/10,n/30, FOB shipping point. Freight of $301 was paid by the appropriate party on the April 3 purchase from Balata. Sold merchandise on account to members for $10,200, terms n/30. The cost of the merchandise sold was $5,900. Received a $328 credit from Balata for returned merchandise. Paid Balata in full. Received payments on account from members, $4,316. Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear Limited for $1,360, terms 2/10,n/30. Received a $104 credit from Arrow Sportswear for returned merchandise. Sold merchandise on account to members for $11,300, terms n/30. The cost of the merchandise sold was $6,200. Paid Arrow Sportswear in full. Received payments on account from members, $4,556. 17 20 24 25 Apr. 3 Inventory Accounts Payable Apr. 5 Inventory Cash Apr. 7 Accounts Receivable Sales Cost of Goods Sold (Sale of merchandise) Apr. 9 Accounts Payable Inventory (Cost of goods sold recorded) Apr. 11 Cash Accounts Receivable Cash Accounts Receivable Inventory Accounts Payable Accounts Payable Inventory Accounts Receivable Sales Accounts Payable Cash Inventory (Sale of merchandise) Ise) (Cost of goods sold recorded)