Emile Kokott, a former disc golf star, operates Emile's Discorama, SA At the beginning of the current season on April 1, the ledger of Emile's Discorama showed Cash €1 ,850, Inventory Q,300, and Share Capital--Ordinary €4,000. The followng transactions were completed during April.
Apr 5Purchased golf discs, bags, and other inventory on account from Ellis Co. €1 ,500, FOB shipping point, terms 2/10, n/60 7Paid freight on the Ellis purchase €50
9Received credit from Ellis Co for merchandise returned €100
10Sold merchandise on account for €930, terms n/30 The merchandise sold had a cost of €650
12 Purchased disc golf shirts and other accessories on account from Penguin Sportswear €720, terms 1/10, n/30 14 Paid Ellis Co in full, less discount.
17Received credit from Penguin Sportswear for merchandise returned €120.
20Made sales on account for €610, terms n/30 The cost of the merchandise sold was €370 21Paid Penguin Sportswear in full, less discount.
27Granted an allowance to customers for clothing that was f awed QC 30Received payments on account from customers €960
Instructions:
a)Journalize the April transactions using a periodic inventory system
b)Enter the beginning tElances in the ledger accounts and post the April transactions (Use JI for the journal reference.)
c)Prepare a trial balance on April 30, 2021
d)Prepare an income statement