Common Stock $6,100. The following transactions were completed during April2 Apr. 5 7 Purchased golf bags,...
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Common Stock $6,100. The following transactions were completed during April2 Apr. 5 7 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,400, terms 2/10, n/60 Paid freight on Arnie purchase $80. 9 Received credit from Arnie Co. for merchandise returned $200. 10 Sold merchandise on account to members $1,200, terms n/30. The merchandise sold had a cost of $720. 12 14 24 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $740, terms 1/10, n/30 Paid Arnie Co. in full, Received credit from Woods Sportswear for merchandise returned $40. Made sales on account to members $800, terms n/30. The cost of the merchandise sold was $550. 17 20 21 Paid Woods Sportswear in full. 27 Granted an allowance to members for clothing that did not fit property $70. 30 Received payments on account from members $1,100. (a) Journalize the April transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O 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.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of goods sold) (To record cost of goods sold) (To record credit sale) (To record cost of goods sold) Common Stock $6,100. The following transactions were completed during April2 Apr. 5 7 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,400, terms 2/10, n/60 Paid freight on Arnie purchase $80. 9 Received credit from Arnie Co. for merchandise returned $200. 10 Sold merchandise on account to members $1,200, terms n/30. The merchandise sold had a cost of $720. 12 14 24 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $740, terms 1/10, n/30 Paid Arnie Co. in full, Received credit from Woods Sportswear for merchandise returned $40. Made sales on account to members $800, terms n/30. The cost of the merchandise sold was $550. 17 20 21 Paid Woods Sportswear in full. 27 Granted an allowance to members for clothing that did not fit property $70. 30 Received payments on account from members $1,100. (a) Journalize the April transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O 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.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of goods sold) (To record cost of goods sold) (To record credit sale) (To record cost of goods sold)
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