exercise 1

At the beginning of the current season on April 1, the records of Ayayai Pro Shop showed Cash $2,950, Inventory $3,500, and Common Stock $6,450. The following transactions occurred during April 2017.

Apr. 5Purchased golf bags, clubs, and balls on account from Arnie Co. $2,500.9Received credit from Arnie Co. for merchandise returned $700.10Sold merchandise on account to members $1,340. The merchandise sold had a cost of $920.12Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,050.14Paid Arnie Co. in full.17Received credit from Woods Sportswear for merchandise returned $50.20Made sales on account to members $910. The cost of merchandise sold was $550.21Paid Woods Sportswear in full.30Received payments on account from members $1,400.

can you make a tabular summary that includes the following accounts: Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, and Cost of Goods Sold. Enter the beginning balances in the summary.

Assets= Liabilities+ Stockholders' Equity

Retained Earnings

Cash+ Accts. Rec.+ Inv.= Accts. Pay.+ Common Stock+ Rev. -Exp.

$

$

$

$

$

$

Record the April transactions using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Assets= Liabilities+ Stockholders' Equity

Retained Earning

cash+ Accts. Rec.+ Inv.= Accts. Pay.+ Common Stock +Rev.- Exp.