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At the beginning of the current season on April 1, the ledger of Crane Pro Shop showed Cash $3,280; Inventory $3,500; and Common Stock $6,780.
At the beginning of the current season on April 1, the ledger of Crane Pro Shop showed Cash $3,280; Inventory $3,500; and Common Stock $6,780. The following transactions were completed during April 2022. Apr.5 Purchased golf bags, clubs, and balls on account from Arnie Co. $2,000, terms 3/10, n/60. 7 Paid freight on Arnie purchase $80. 9 Received credit from Arnie Co.for merchandise returned $200. 10 Sold merchandise on account to members $1,220, terms n/30. The merchandise sold had a cost of $770. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $760, terms 1/10, n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $60. 20 Made sales on account to members $810, terms n/30. The cost of the merchandise sold was $550. 21 Paid Woods Sportswear in full. 27 Granted an allowance to members for clothing that did not fit properly $90. 30 Received payments on account from members $1,250. Journalize the April transactions using a perpetual 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.) - Your answer is partially correct. Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.) CRANE PRO SHOP Trial Balance April 30, 2022 Debit Credit Cash 2018 Accounts Receivable 690 Inventory 4692 Common Stock 6780 Sales Revenue 2030 Sales Returns and Allowances 90 Cost of Goods Sold 1320 8810 8810 e Textbook and Media List of Accounts - Your answer is partially correct. Prepare an income statement through gross profit for the month of April 2022. CRANE PRO SHOP Income Statement (Partial) April 30, 2022 Cash Sales Revenues Sales Revenues Cost of Goods Sold 1320 Total Revenues 8810 e Textbook and Media List of Accounts
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