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At the beginning of the current season on April 1, the ledger of Oriole Pro Shop showed Cash $2,760; Inventory $3,500; and Common Stock
At the beginning of the current season on April 1, the ledger of Oriole Pro Shop showed Cash $2,760; Inventory $3,500; and Common Stock $6,260. The following transactions were completed during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $2,600, terms 4/10, n/60. 7 Paid freight on Arnie purchase $80. 9 Received credit from Arnie Co. for merchandise returned $600. 10 Sold merchandise on account to members $1,210, terms n/30. The merchandise sold had a cost of $750. 12 14 17 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $960, terms 2/10, n/30. Paid Arnie Co. in full. Received credit from Woods Sportswear for merchandise returned $60. Made sales on account to members $900, terms n/30. The cost of the merchandise sold was $550. 20 223 21 Paid Woods Sportswear in full. 27 30 Received payments on account from members $1,170. Granted an allowance to members for clothing that did not fit properly $85.
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