At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,500; Merchandise Inventory $1,700; and Common Stock $4,200. The following transactions were completed during April. Apr. 4 Purchased racquets and balls from Denton Co. $740, terms 3/10, n/30. 6 Paid freight on Denton Co. purchase $60. 8 Sold merchandise to members $900, terms n/30. 10 Received credit of $40 from Denton Co. for a damaged racquet that was returned. 11 Purchased tennis shoes from Newbee Sports for cash $300. 13 Paid Denton Co. in full. 14 Purchased tennis shirts and shorts from Venus's Sportswear $600, terms 2/10, n/60. 15 Received cash refund of $50 from Newbee Sports for damaged merchandise that was returned. 17 Paid freight on Venus's Sportswear purchase $30. 18 Sold merchandise to members $1,000, terms n/30. 20 Received $500 in cash from members in settlement of their accounts. 21 Paid Venus's Sportswear in full. 27 Granted an allowance of $30 to members for tennis clothing that did not fit properly. 30 Received cash payments on account from members $500. The chart of accounts for the tennis shop includes Cash; Accounts Receivable; Merchandise Inventory; Accounts Payable; Common Stock; Sales; Sales Returns & Allowances; Purchases; Purchase Returns and Allowances; Purchase Discounts; and Freight-in. Journalize the April transactions using a periodic inventory system. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Date Description Debit Credit Apr. 4 Apr. 6 Apr. 8 Apr. 10 Apr. 11 Apr. 13 Apr. 14 Apr. 15 Apr. 17 Apr. 18 Apr. 20 Apr. 21 Apr. 27 Apr. 30 fields blank.) Cash Accounts Payable 4/1 Bal. 4/6 4/10 4/4 4/15 4/11 4/13 4/14 4/20 4/13 4/21 4/30 4/17 4/30 Bal. 4/21 4/30 Bal. Common Stock 4/1 Bal. Accounts Receivable 4/30 Bal. 4/8 4/20 4/18 4/27 Sales 4/30 4/8 4/30 Bal. 4/18 4/30 Bal. Merchandise Inventory 4/1 Bal. Purchase Discounts 4/30 Bal. 4/13 4/21 Sales returns & allowances 4/30 Bal. 4/27 4/30 Bal. Freight-in 4/6 Purchases 4/17 4/4 4/30 Bal. 4/11 4/14 Purchase Returns and Allowances 4/30 Bal. 4/10 4/15 4/30 Bal. Complete the trial balance on April 30, 2011. VILLAGE TENNIS SHOP Trial Balance April 30, 2011 Dr. Cr. Cash $ $ Accounts Receivable Merchandise Inventory Accounts Payable Common Stock Sales Sales returns & allowances Purchases Purchase Returns and Allowances Purchase Discounts Freight-in $ $ Complete the income statement through gross profit, assuming merchandise inventory on hand at April 30 is $2,296. VILLAGE TENNIS SHOP Income Statement (Partial) For the Month Ended April 30, 2011 Sales Revenues $ Less: Net sales Cost of goods sold $ $ Less: $ Net purchases Add: Cost of goods purchased Cost of goods available for sale Cost of goods sold Gross profit $