Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At the beginning of the current season on April 1, the ledger ofGrouper's Discorama showed Cash $1,900, Inventory $2,200, and Owner's Capital $4,100. The following

At the beginning of the current season on April 1, the ledger ofGrouper's Discorama showed Cash $1,900, Inventory $2,200, and Owner's Capital $4,100. The following transactions were completed during April 2022.

Apr. 5 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,050, FOB shipping point, terms2/10, n/60.
7 Paid freight on the Mumford purchase $50.
9 Received credit from Mumford Co. for merchandise returned $200.
10 Sold merchandise on account for $960, terms n/30. The merchandise sold had a cost of $576.
12 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $570, terms 1/10, n/30.
14 Paid Mumford Co. in full, less discount.
17 Received credit from Saucer Sportswear for merchandise returned $70.
20 Made sales on account for $690, terms n/30. The cost of the merchandise sold was $300.
21 Paid Saucer Sportswear in full, less discount.
27 Granted an allowance to customers for clothing that did not fit $30.
30 Received payments on account from customers $980.

The chart of accounts for the store includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold.

(a)

Journalize the April transactions using a perpetual inventory system.(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date Account Titles and Explanation Debit Credit
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title to record credit sale enter a debit amount enter a credit amount
enter an account title to record credit sale enter a debit amount enter a credit amount
(To record credit sale.)
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount
enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount
(To record cost of merchandise sold.)
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title to record credit sale enter a debit amount enter a credit amount
enter an account title to record credit sale enter a debit amount enter a credit amount
(To record credit sale.)
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount
enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount
(To record cost of merchandise sold.)
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount
choose a transaction date Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 enter an account title enter a debit amount enter a credit amount
enter an account title enter a debit amount enter a credit amount

(b)

Enter the beginning balances in the ledger accounts and post the April transactions.(Post entries in the order of journal entries presented in the previous part.)

Cash No. 101
Date Explanation Ref. Debit Credit Balance
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 Balance enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
Accounts Receivable No. 112
Date Explanation Ref. Debit Credit Balance
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
Inventory No. 120
Date Explanation Ref. Debit Credit Balance
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 Balance enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
Accounts Payable No. 201
Date Explanation Ref. Debit Credit Balance
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
Owner's Capital No. 301
Date Explanation Ref. Debit Credit Balance
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 Balance enter a debit amount enter a credit amount enter a balance amount
Sales Revenue No. 401
Date Explanation Ref. Debit Credit Balance
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
Sales Returns and Allowances No. 412
Date Explanation Ref. Debit Credit Balance
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
Cost of Goods Sold No. 505
Date Explanation Ref. Debit Credit Balance
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount
choose a transaction date Apr. 1 Apr. 5 Apr. 7 Apr. 9 Apr. 10 Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 21 Apr. 27 Apr. 30 J1 enter a debit amount enter a credit amount enter a balance amount

(c)

Prepare a trial balance on April 30, 2022.(Do not list those accounts that have zero ending balance.)

GROUPER'S DISCORAMA Trial Balance choose the accounting period April 30, 2022 For the Year Ended April 30, 2022 For the Quarter Ended April 30, 2022
Debit Credit
enter an account title $enter a debit balance $enter a credit balance
enter an account title enter a debit balance enter a credit balance
enter an account title enter a debit balance enter a credit balance
enter an account title enter a debit balance enter a credit balance
enter an account title enter a debit balance enter a credit balance
enter an account title enter a debit balance enter a credit balance
enter an account title enter a debit balance enter a credit balance
Totals $enter a total for the debit column $enter a total for the credit column

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison, Eric Noreen and Peter Brewer

14th edition

978-007811100, 78111005, 978-0078111006

More Books

Students also viewed these Accounting questions