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At the beginning of the current season on April 1, the records of Sheffield Pro Shop showed Cash $3,070, Inventory $3,500, and Common Stock $6,570.
At the beginning of the current season on April 1, the records of Sheffield Pro Shop showed Cash $3,070, Inventory $3,500, and Common Stock $6,570. The following transactions occurred during April 2017.
Apr. 5 | Purchased golf bags, clubs, and balls on account from Arnie Co. $2,600. | |
9 | Received credit from Arnie Co. for merchandise returned $300. | |
10 | Sold merchandise on account to members $1,440. The merchandise sold had a cost of $810. | |
12 | Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $970. | |
14 | Paid Arnie Co. in full. | |
17 | Received credit from Woods Sportswear for merchandise returned $70. | |
20 | Made sales on account to members $850. The cost of merchandise sold was $550. | |
21 | Paid Woods Sportswear in full. | |
30 | Received payments on account from members $1,470. |
Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, and Cost of Goods Sold. Enter the beginning balances in the summary.
Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||||||
Retained Earnings | ||||||||||||||||||
Cash | + | Accts. Rec. | + | Inv. | = | Accts. Pay. | + | Common Stock | + | Rev. | - | Exp. | ||||||
Bal. | ||||||||||||||||||
Apr. | 1 | $ | $ | $ | $ | $ | $ | $ |
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