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hi I need help on how to journalize the april transactions for Kane's pro shop using the periodic inventory system thanks PROBLEMS Current vs Proposed
hi I need help on how to journalize the april transactions for Kane's pro shop using the periodic inventory system thanks
PROBLEMS Current vs Proposed GAAP. Journalize the following transactions using current GAAP first and then journalize them again using proposed GAAP. Joanie Kane, a former professional golfer, operates Kane's Pro Shop at Crowbush Golf course. At the beginning of current season on April 1, the ledger of Kane's Pro Shop showed Cash $2,500; Merchandise Inventory $3,500; and Kane, Capital $6,000. The following transactions occurred during April 2017: April 5 Purchased golf bags, clubs, and balls on account from Balata Co. for $1,600, FOB shipping point, terms n/60 7 Paid freight on Balata Co. purchases, $80. 9 Received credit form Balata Co. for merchandise returned, $100. 10 Sold merchandise on account to members $900, terms n/30. 12 Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear, $660, terms 3/15, n 30. 14 Paid Balata Co. in full. 17 Received $60 credit from Arrow Sportswear for merchandise returned. 20 Made sales on account to members, $700, terms n 30. 21 Paid Arrow Sportswear in full. 27 Granted credit to members for clothing that did not fit, $30. 30 Made cash sales, $600. 30 Received payments on account from members, $1,100. Instructions Journalize April transactions for Kane's Pro Shop using the periodic inventory system. Note: When using the PROPOSED GAAP, remember adjusting entries are at the end of the year, not every time a customer returns something. Assume 10% returns, if not given in theStep by Step Solution
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