+ Graded Assignment 3 - Chapters 5, 6, and 7 Question 4 of 12 - / 30 7 At the beginning of the current golf season, on April 1, 2021, the general ledger of the In the Grouper Golf Shop Limited showed Cash $4,000: Inventory $18,720. Common Shares $11.520; and Retained Earnings $11.200. The In the Grouper Golf Shop uses a perpetual inventory system and experiences areturn rate of 2% on sales. The following transactions occurred in April: Apr. 3 Purchased golf bags, clubs, and balls on account from Balata Corp. for $3,072, terms 1/10, 1/30, FOB shipping point 5 Freight of $277 was paid by the appropriate party on the April 3 purchase from Balata, Sold merchandise on account to members for $9.400, terms /30. The cost of the merchandise sold was $5.500. Received a $304 credit from Balata for returned merchandise. Paid Balata in full Received payments on account from members, $3,984. Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear Limited for $1.240, terms 2/10,n/30. 17 Received a $96 credit from Arrow Sportswear for returned merchandise. 20 Sold merchandise on account to members for $10,500,terms /30. The cost of the merchandise sold was $5,800, 24 Paid Arrow Sportswear in full. 25 Received payments on account from members, $4,204. 9 11 14 16 + Graded Assignment 3 - Chapters 5, 6, and 7 Question 4 of 12 (b) Set up T accounts, enter the opening balances, and post the transactions. (Post entries in the order of journal entries pru the previous part.) Cash Accounts Receivable Question 4 of 12 Inventory Common Shares Accounts Payable ....13 Refund Liability Sales > > Cost of Goods Sold Sales V Cost of Goods Sold Retained Earnings