At the beginning of the current tennis season, on April 1, 2017, Concord Tennis Shop's inventory consisted of 50 tennis racquets at a cost of $50 each. Concord uses a perpetual inventory system. The following transactions occurred in April:

Apr. 2

Purchased 160 additional racquets from Roberts Inc. for $8,000, terms n/30.

4

Determined that five of the racquets purchased on April 2 were damaged and returned them to Roberts Inc. Roberts Inc. credited Concord's account.

5

Sold 45 racquets to Tennis Dome for $100 each, terms n/30.

6

Tennis Dome returned 15 of the racquets after determining it had purchased more racquets than it needed. Concord gave Tennis Dome a credit on its account and returned the racquets to inventory.

10

Sold 40 racquets at $100 each to cash customers.

12

Ten of these racquets were returned for cash. The customers claimed they never play tennis and had no idea how they had been talked into purchasing the racquets. Refunded cash to these customers and returned the racquets to inventory.

17

An additional 10 of the racquets sold on April 10 were returned because the racquets were damaged. The customers were refunded cash and the racquets were sent to a local recycler.

25

Sold 60 racquets to the Summer Club for $100 each, terms n/30.

29

Summer Club returned 25 of the racquets after the tennis pro had examined them and determined that these racquets were of inferior quality. Concord gave Summer Club a credit and decided to return the racquets to inventory with plans to sell them for the reduced price of $75 each.

Accounts Payable

Accounts Receivable

Accumulated Depreciation - Building

Accumulated Depreciation - Equipment

Accumulated Depreciation - Furniture

Advertising Expense

Building

Cash

Cost of Goods Sold

Current Portion of Mortgage Payable

Current Portion of Non-Current Notes Payable

Depreciation Expense

Freight In

Freight Out

Furniture

Income Summary

Insurance Expense

Interest Expense

Interest Payable

Interest Revenue

Merchandise Inventory

No Entry

Notes Payable

Owner's Capital

Owner's Drawings

Prepaid Insurance

Property Tax Expense

Purchase Discounts

Purchase Returns and Allowances

Purchases

Rent Expense

Rent Revenue

Salaries Expense

Salaries Payable

Sales

Sales Discounts

Sales Returns and Allowances

Short-Term Investments

Supplies

Supplies Expense

Telephone Expense

Unearned Revenue

Utilities Expense