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At the beginning of the current season on April 1, the ledger of Pharoah Company showed Cash $2.500, Inventory $3,800, and Common Stock $6,300.
At the beginning of the current season on April 1, the ledger of Pharoah Company showed Cash $2.500, Inventory $3,800, and Common Stock $6,300. These transactions occurred during April 2022. Apr. 5 7 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,400. terms 3/10, n/60. Paid freight on Arnie Co. purchases $8. 9 Received credit from Arnie Co. for merchandise returned $200. 10 Sold merchandise on account to members $1.250, terms n/30. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $730, terms 1/10, n/30. 14 Paid Arnie Co, in full. 17 Received credit from Woods Sportswear for merchandise returned $30. 20 Made sales on account to members $820, terms n/30. 21 Paid Woods Sportswear in full. 27 Granted credit to customers for clothing that did not fit properly $80. 30 Received payments on account from members $1.160. The chart of accounts for the pro shop includes Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue. Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-In, The chart of accounts for the pro shop includes Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-In. (a) Journalize the April transactions using a periodic inventory system. (Credit account titles are Automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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