Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi i need help on part B and C, ive completed part A and provided the information in the pictures. also the original question is
Hi i need help on part B and C, ive completed part A and provided the information in the pictures. also the original question is at the bottom of the image sequence for some reason. thank you so much. Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.) Apr.9 Accounts Payable 200 Inventory Ape 10 : Accounts Receivable: Soles Revenue (To record credit sale). Apr: 10 Cost of Croods Sold Inventory (To record cost of merchandise sold.) Apr. 12 : Inventory Accounts Payable At the beginning of the current season on April 1, the ledger of Monty's Discorama showed Cash $2,000, Inventory $2,600, and Owner's Capital \$4,600. The following transactions were completed during April 2022. Apr. 5 Purchased golf discs, bags, and other inventory on account from Mumford Co, $1,100, FOB shipping point, terms 2/10. n/60. 7 Paid freight on the Mumford purchase $50. 9 Received credit from Mumford Co, for merchandise returned $200. 10 Sold merchandise on account for $810, terms n/30. The merchandise sold had a cost of $486. 12 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $650, terms 1/10,n/30. 14 Paid Mumford Co. in full, less discount. 17 Received credit from Saucer Sportswear for merchandise returned \$50. 20 Made sales on account for $700, terms n/30. The cost of the merchandise sold was $300. 21 Paid Saucer Sportswear in full, less discount. 27 Granted an allowance to customers for clothing that did not fit $40. 30 Received payments on account from customers $840. The chart of accounts for the store includes the following: No. 101 Cash, No. 112 Accounts Receivable, No, 120 Inventory, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold. 650 Accounts Payble 650 Apc 14 : Accounts Payble 900 imentom Apr. 17 : Accounts Payable inventory 50 Apr.20: Accounts Recrivable Sales Revenue: 700 (To record credit sale.) Apr. 20% Cost of Goods Sold 300 Inventory Journalize the April transactions using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (To record cost of merchandise sold.) Apr.21 = Accounts Payable 600 Inventary Cah Apr.27: Sales Roturns and Allowances Accounts Recteivabie Apr. 30 Cash Accounts Receivable 840 eTextbook and Media List of Accounts Attempts: 2 of 5 used
Hi i need help on part B and C, ive completed part A and provided the information in the pictures. also the original question is at the bottom of the image sequence for some reason. thank you so much.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started