COMPLETE INCOME STATEMENT, TRIAL BALANCE, LEDGER, AND JOURNAL ENTRY. Information provided in first photo
View Policies Show Attempt History Current Attempt in Progress 7 9 10 At the beginning of the current season on April 1, the ledger of Pharoah Pro Shop showed Cash $2,620; Inventory $3,500; and Common Stock $6,120. The following transactions were completed during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $2,200, terms 3/10, 1/60. Paid freigtit on Arnie purchase $80. Received credit from Arnie Co. for merchandise returned $400. Sold merchandise on account to members $1,480, terms n/30. The merchandise sold had a cost of $820. Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $840, terms 2/10,n/30. Paid Arnie Co. in full. Received credit from Woods Sportswear for merchandise returned $40. Made sales on account to members $840, terms n/30. The cost of the merchandise sold was $550. Paid Woods Sportswear in full Granted an allowance to members for clothing that did not fit properly $75. Received payments on account from members $1.260. 12 14 17 20 21 27 30 Your answer is partially correct, Journalize the April transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 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.) Your answer is partially correct. Journalize the April transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 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 Apr. 5 Inventory 2200 Accounts Payable 2200 Apr. 7 Freight-Out 80 Cash 80 Apr. 9 > Accounts Payable 400 400 Apr. 10 1480 Purchase Returns and Allowances Accounts Payable Sales Revenue (To record credit sale) 1480 (To record cost of goods sold) 0.97 4.5 THI (To record cost of goods sold) Inventory Apr 12 840 Accounts Payable 340 Apr. 14 Accounts Payable 2200 Cash 1800 Sales Returns and Allowances 400 Apr. 17 Accounts Payable 40 Apr. 20 Purchase Returns and Allowances Accounts Payable Sales Revenue (To record credit sale) 340 (To record cost of goods sold) Apr 21 Accounts Payable 000 Cash 760 Purchase Returns and Allowances 40 Apr.27 Question 2 of 2 archase Returns and Arowances 0.97 / 4.5 Apr. 20 Accounts Payable Sales Revenue 840 (To record credit sale) 840 (To record cost of goods sold) Accounts Payable Apr 21 Cash 800 Purchase Returns and Allowances 760 Apr. 27 00 Apr. 30 Cash 1260 Accounts Payable 1260 e Textbook and Media List of Accounts BO 828 FO a. 16 @ A - + 2 3 4 5 6 & 7 8 8 CO ) 0 w Your answer is partially correct. Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries posted in part a. For accounts that have a zero balance select "4/30 Bal." from the list and enter for the amount) Cash 4/1 Bal. 2620 4/7 80 4/30 1260 4/14 1800 4/21 800 4/30 Bal. 1200 Accounts Receivable 4/14 1800 75 4/20 V 840 4/30 1260 4/30 Bal 1305 Inventory Inventory A Bal. 4/5 417 4/9 470 4/12 4714 4/17 4/20 4/21 4/27 4/30 4/30 Bal Accounts Payable Common Stock Sales Revenue Common Stock Sales Revenue Sales Returns and Allowances 3 Cost of Goods Sold > e Textbook and Media Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.) PHAROAH PRO SHOP Trial Balance Debit Credit e Textbook and Media List of Accounts Prepare an income statement through gross profit for the month of April 2022. PHAROAH PRO SHOP Income Statement (Partial) Dividends Expenses Net Income /(Loss) Retained Earnings, April 1 Retained Earnings, April 30 Sales Revenues Total Expenses Total Revenues Net Sales Gross Profit Save for Later Attempts: 1 of 10 used
