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Problem 5-4A (Part Level Submission) Adam Nichols, a former disc golf star, operates Adam's Discorama. At the beginning of the current season on April 1, the ledger of Adam's Discorama showed Cash $1,900, Inventory $2,300, and Common Stock $4,200. The following transactions were completed during April. Apr. 5 Purchased golf discs, bags, and other inventory on account from Rayford Co. $1,100, FOB shipping point, terms 2/10, n/60. 7 Paid freight on the Rayford purchase $60 9 Received credit from Rayford Co. for merchandise returned $100. 10 Sold merchandise on account for $840, terms n/30. The merchandise sold had a cost of $504 12 Purchased disc golf shirts and other accessories on account from Galaxy Sportswear $550, terms 1/10, n/30. 14 Paid Rayford Co. in full, less discount. 17 Received credit from Galaxy Sportswear for merchandise returned $70 20 Made sales on account for $560, terms n/30. The cost of the merchandise sold was $360. 21 Paid Galaxy Sportswear in full, less discount. 27 Granted an allowance to customers for clothing that was flawed $20 30 Received payments on account from customers $930. 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. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold Commor stokcous 01 shies een0-412 Soieinetur nd alowcea DO s O5 Cost ol eli Accounts payebie, No. 311 Your answer is correct. Journalize the April transactions using a perpetual inventory system. (Roun Do not indent manually.) Date Account Titles and Explanation Debit Credit 110 Apr. 5 nto unts Payabl Apr. 7 Tnven East Apr. 9 TAccounts Payabl nvento Apr. 1 unts Receivabl ales Revenu (To record credit sale) t of Goods Sold nvento (To record cost of merchandise sold) Apr. 12 unvento ccounts Payabl Apr. 1 unts Payabl Apr. 1 unts Payabl Apr. 2 unts Receivabl ales Revenu (To record credit sale) 60 ) [ t of Goods Sold nventor To record cost of merchandise sold) Apr. 21 Accounts Payabl Inventory CaTi 9 ) Apr. 2/ Sales Returns and Allowances ccounts Receivabl Apr. 30 Cash ccounts Receivabl Your answer is correct. Enter the beginning balances in the ledger accounts and post the April transactions. places, e.g.125. If the ending balance is 0 select Bal for the date and enter Cash No. 101 Ref Debit Credit Balance Date Explanation 1 Balance 184 Dr. 14 pr. 21 pr. 30 Accounts Receivable No. 112 s er to ecimap rd lianer n i 2, 1 ADAM'S DISCORAMA Trial Balance April 30, 2015 Debit Credit