At the beginning of the current season on April 1, the ledger of Sheridan Pro Shop showed Cash $3,085; Inventory $4,085; and Common Stock $7,170.
At the beginning of the current season on April 1, the ledger of Sheridan Pro Shop showed Cash $3,085; Inventory $4,085; and Common Stock $7,170. The following transactions occurred during April 2022.
| Apr. | 5 | | Purchased golf bags, clubs, and balls on account from Arnie Co. $1,755, terms 3/10, n/60. |
| | 7 | | Paid freight on Arnie Co. purchases $94. |
| | 9 | | Received credit from Arnie Co. for merchandise returned $455. |
| | 10 | | Sold merchandise on account to members $1,568, terms n/30. |
| | 12 | | Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $971, terms 2/10, n/30. |
| | 14 | | Paid Arnie Co. in full. |
| | 17 | | Received credit from Woods Sportswear for merchandise returned $171. |
| | 20 | | Made sales on account to members $948, terms n/30. |
| | 21 | | Paid Woods Sportswear in full. |
| | 27 | | Granted credit to members for clothing that did not fit properly $94. |
| | 30 | | Received payments on account from members $1,427. |
Journalize the April transactions using a periodic inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.)
Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries posted in part a. Round answers to 0 decimal places, e.g. 5,275. For accounts that have a zero balance select "4/30 Bal." from the list and enter 0 for the amount.)
Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.)
Prepare an income statement through gross profit, assuming inventory on hand at April 30 is $4,988.4
Journalize the April transactions using a periodic inventory system. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries In the order presented in the problem. Round answers to decimal places, eg. 5,275.) Dale Account Titles and Explanation Debit Credit Apr.5 Inventory 1755 Accounts Payable Apr. 7 frentary Cash Apr. 9 Accounts Payable Inventory Apr. 10 Accounts Receivable 1568 Sales Revenue Apr 12 - Inventory Accounts Payable Apr. 14 Accounts Payable Inventory Cash 1261 Apr 17 Accounts Payable Inventory Apr. 20 Accounts Receivable Sales Revenue Apr. 21 Accounts Payable 800 Inventory Cash 792 Apr 27 Sales Returns and Allowances Accounts Receivable Apr 30 Accounts Receivable Using T uris.enler ile beyimin blances in the lege uns anstre Agrilascio Ist and enter for the amount (Post entries in the order of journal entries posted in parta. Round answers to decimal places eg 5275. For accounts that have a zero balance select "4/30 Bol" from the Cash 4/13 4/21 - 4/30 Bal Accounts Herelvable Inventory 4/1B31 Accounts Payable Common Sluck Sales Revenue Sales Heturns and Allowances Purchase Returns and Allowances Purchase II ounts freight-In Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.) SHERIDAN PRO SHOP Trial Balance April 30, 2022 Debit Credit Cash Accounts Receivable Inventory Sales Returns and Allowances Common Stock Sales Revenue Cost of Goods Sold Prepare an income statement through gross profit, assuming inventory on hand at April 30 is $4,988. SHERIDAN PRO SHOP Income Statement (Partial) April 30, 2022 Sales Sales Revenue Less : Sales Returns and Allowances Gross Profit Journalize the April transactions using a periodic inventory system. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries In the order presented in the problem. Round answers to decimal places, eg. 5,275.) Dale Account Titles and Explanation Debit Credit Apr.5 Inventory 1755 Accounts Payable Apr. 7 frentary Cash Apr. 9 Accounts Payable Inventory Apr. 10 Accounts Receivable 1568 Sales Revenue Apr 12 - Inventory Accounts Payable Apr. 14 Accounts Payable Inventory Cash 1261 Apr 17 Accounts Payable Inventory Apr. 20 Accounts Receivable Sales Revenue Apr. 21 Accounts Payable 800 Inventory Cash 792 Apr 27 Sales Returns and Allowances Accounts Receivable Apr 30 Accounts Receivable Using T uris.enler ile beyimin blances in the lege uns anstre Agrilascio Ist and enter for the amount (Post entries in the order of journal entries posted in parta. Round answers to decimal places eg 5275. For accounts that have a zero balance select "4/30 Bol" from the Cash 4/13 4/21 - 4/30 Bal Accounts Herelvable Inventory 4/1B31 Accounts Payable Common Sluck Sales Revenue Sales Heturns and Allowances Purchase Returns and Allowances Purchase II ounts freight-In Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.) SHERIDAN PRO SHOP Trial Balance April 30, 2022 Debit Credit Cash Accounts Receivable Inventory Sales Returns and Allowances Common Stock Sales Revenue Cost of Goods Sold Prepare an income statement through gross profit, assuming inventory on hand at April 30 is $4,988. SHERIDAN PRO SHOP Income Statement (Partial) April 30, 2022 Sales Sales Revenue Less : Sales Returns and Allowances Gross Profit
