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At the beginning of the current season on April 1, the ledger of Monty Corp. Shop showed Cash $1,900, Inventory $2,300, and Common Stock $4,200.
At the beginning of the current season on April 1, the ledger of Monty Corp. Shop showed Cash $1,900, Inventory $2,300, and Common Stock $4,200. The following transactions were completed during April 2022. Apr 15 7 10 S Purchased golf discs, bags, and other inventory on account from Amie Co. $1,150, FOB shipping point, terms 2/10. n/60. Paid freight on the Amie purchase $40. Received credit from Arnie Co. for merchandise returned $200. Sold merchandise on account for $960, terms n/30. The merchandise sold had a cost of $576. Purchased disc golf shirts and other accessories on account from Woods Sportswear $550, terms 1/10, n/30 Paid Annie Co. in full, less discount. Received credit from Woods Sportswear for merchandise returned $50. Made sales on account to members for $700. terms n/30. The cost of the merchandise sold was $300. Paid Woods Sportswear in full, less discount. Granted an allowance to members for clothing that did not fit $30. Received payments on account from members $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. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold.
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