At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $2,500; Inventory $3,500; and Common Stock $6,000. The following transactions were completed during April 2014.

Apr.	5	Purchased golf bags, clubs, and balls on account from Akers Co. $1,500, terms 3/10, n/60.
	7	Paid freight on Akers purchase $80.
	9	Received credit from Akers Co. for merchandise returned $200.
	10	Sold merchandise on account to members $1,340, terms n/30. The merchandise sold had a cost of $820.
	12	Purchased golf shoes, sweaters, and other accessories on account from Palmer Sportswear $830, terms 1/10, n/30.
	14	Paid Akers Co. in full.
	17	Received credit from Palmer Sportswear for merchandise returned $30.
	20	Made sales on account to members $810, terms n/30. The cost of the merchandise sold was $550.
	21	Paid Palmer Sportswear in full.
	27	Granted an allowance to members for clothing that did not fit properly $80.
	30	Received payments on account from members $1,220.

The chart of accounts for the pro shop includes Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, and Cost of Goods Sold.

Instructions

(a)	Journalize the April transactions using a perpetual inventory system.

(b)	Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions.

(c)

Prepare a trial balance on April 30, 2014.

Tot. trial balance

$8,150

(d)

Prepare an income statement through gross profit for the month of April 2014.

Gross profit

$ 700