At the beginning of the current season on April 1, the records of Granite Hills Pro Shop showed Cash $2,500, Inventory $3,500, and Common Stock $6,000. The following transactions occurred during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,500. 9 Received credit from Arnie Co. for merchandise returned $200. 10 Sold merchandise on account to members $1,340. The merchandise sold had a cost of $820. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $830. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $30. 20 Made sales on account to members $810. The cost of merchandise sold was $550. 21 Paid Woods Sportswear in full. 30 Received payments on account from members $1,220. (a) & (b) Enter the beginning balances in the summary and record the April transactions using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets Liabili Cash Accts. Rec. Inv. Accts. Apr. 1 $ $ $ $ 5 9 10 12 14 17 LS 20 21 30 Enter the beginning balances in the summary and record the April transactions using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Liabilities Stockholders' Equity Retained Earnings Accts. Pay. Common Stock + Rev. Exp. $ $ $ $ Stockholders' Equity Retained Earnings Common Stock Rev. Exp. $ $ $ > > Cost goods sold Bad debt expense Accounts receivable Sales revenue Sales returns & allowances Attempts: 0 of 5 used Submit Answer e Textbook and Media Save for Later