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At the beginning of the current season on April 1, the ledger of Tamarisk, Inc. Shop showed Cash $1,900, Inventory $2,500, and Common Stock $4,400.

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At the beginning of the current season on April 1, the ledger of Tamarisk, Inc. Shop showed Cash $1,900, Inventory $2,500, and Common Stock $4,400. The following transactions were completed during April 2022. Apr. 5 7 9 10 12 14 Purchased golf discs, bags, and other inventory on account from Arnie Co. $1,050, FOB shipping point, terms 2/10, n/60 Paid freight on the Arnie purchase $60. Received credit from Arnie Co. for merchandise returned $200. Sold merchandise on account for $930, terms 1/30. The merchandise sold had a cost of $558. Purchased disc golf shirts and other accessories on account from Woods Sportswear $560, terms 1/10, 1/30. Paid Arnie Co. in full, less discount. Received credit from Woods Sportswear for merchandise returned $60. Made sales on account to members for $680, terms /30. The cost of the merchandise sold was $350. Paid Woods Sportswear in full, less discount Granted an allowance to members for clothing that did not fit $10. Received payments on account from members $860 17 20 21 27 30 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 Date Account Titles and Explanation Debit Credit Apr. 5 Inventory Accounts Payable Apr. 7 Inventory Cash > Apr. 9 Accounts Payable Inventory Apr. 10 Accounts Receivable Sales Revenue (To record kredit sale. Apr. 10 Cost of Goods Sold Inventory (To record cost of merchandise sold) Apr 12 Inventory Apr. 14 Accounts Payable Cash Inventory Apr 17 Accounts Payable Inventory Apr. 20 Accounts Receivable Sales Revenue (To record credit sale.) Apr. 21 Accounts Payable Cash (To record cost of merchandise sold.) Apr 27 Sales Returns and Allowances Accounts Receivable Inventory Apr. 30 Cash Cash (To record cost of merchandise sold.) Sales Returns and Allowances Apr. 27 Accounts Receivable Inventory Apr. 30 Cash Accounts Receivable Apr. 30

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