BACK NEXT Problem 5-04A a-c (Part Level Submission) Concord Hagen, a former disc golf star, operates Concord's Discorama. At the beginning of the current season on April 1, the ledger of Concord's Discorama showed Cash $2,000, Inventory $2,400, and Owner's Capital $4,400. The following transactions were completed during April. Apr. 5 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,150, FOB shipping point, terms 2/10, n/60. 7 Paid freight on the Mumford purchase $40. 9 Received credit from Mumford Co. for merchandise returned $200. 10 Sold merchandise on account for $920, terms n/30. The merchandise sold had a cost of $552. 12 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $665, terms 1/10, n/30. 14 Paid Mumford Co. in full, less discount. 17 Received credit from Saucer Sportswear for merchandise returned $65. 20 Made sales on account for $630, terms n/30. The cost of the merchandise sold was $400. 21 Paid Saucer Sportswear in full, less discount. 27 Granted an allowance to customers for clothing that was flawed $20. 30 Received payments on account from customers $840. 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. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold. Date Account Titles and Explanation Debit Apr. 5 Inventory 1150 Credit Accounts Payable 1150 Apr. 7 Inventory 40 Cash 40 Apr. 9 Accounts Payable 200 Inventory 200 Apr. 10 Accounts Receivable 920 Sales Revenue (To record credit sale.) Apr. 10 v Cost of Goods Sold Inventory (To record cost of merchandise sold.) Apr. 12 Inventory 552 665 920 552 Apr. 12 Inventory > Accounts Payable Apr. 14 v Accounts Payable Apr. 17 v Inventory Cash Accounts Payable Inventory Apr. 20 Accounts Receivable Sales Revenue (To record credit sale.) Apr. 20 Cost of Goods Sold Inventory (To record cost of merchandise sold.) Apr. 21 v Accounts Payable > 665 950 65 S 630 > 400 600 665 19 931 65 630 400 Apr. 20 Cost of Goods Sold Inventory (To record cost of merchandise sold.) Apr. 21 v Accounts Payable Inventory Cash 400 600 Apr. 27 v Sales Returns and Allowances 20 Accounts Receivable Apr. 30 Cash 840 Accounts Receivable Click if you would like to Show Work for this question: Open Show Work 400 6 594 20 840 (b) Enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries presented i Cash No. 101 Date Explanation Ref. Debit Credit Balance Balance V J1 01 J1 J1 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance J1 01 01 J1 Inventory Explanation Ref Debit Credit No. 120 Balance J1 Inventory Date Explanation Ref. Debit Credit No. 120 Balance Balance V 01 J1 J1 J1 J1 J1 J1 01 J1 Accounts Payable Date Explanation Ref. No. 201 Debit Credit Balance Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance J1 J1 J1 J1 01 J1 Owner's Capital Date Explanation Ref. No. 301 Debit Credit Balance Balance Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance TC 01 Sales Returns and Allowances Date Explanation Ref. Debit J1 No. 412 Credit Balance Balance Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance J1 J1 Sales Returns and Allowances Date Explanation Ref. Debit J1 No. 412 Credit Balance Cost of Goods Sold No. 505 Date Explanation Ref. Debit Credit Balance 01 > 01 Click if you would like to Show Work for this question: Open Show Work