I need help with the T accounts also if you could if you have time that would be great if you can also help me with sales and return allowance, trial balance, and income statement for this problem that would be so helpful and a instant thumbs up. THANK YOU (=
At the beginning of the current season on April 1, the ledger of Sandhill Pro Shop showed Cash $3,045; Inventory $4,045; and Common Stock $7,090. The following transactions occurred during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,635, terms 4/10, n/60. 7 Paid freight on Arnie Co. purchases $87. 9 Received credit from Arnie Co.for merchandise returned $335. 10 Sold merchandise on account to members $1,461, terms n/30. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $905, terms 1/10,n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $105. 20 Made sales on account to members $883, terms n/30. 21 Paid Woods Sportswear in full. 27 Granted credit to members for clothing that did not fit properly $87. 30 Received payments on account from members $1,330. Journalize the April transactions using a periodic inventory system. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Apr. 5 Purchases 1635 Accounts Payable 1635 Apr. 7 Freight-In 87 Cash 87 Apr. 9 Accounts Payable 335 Purchase Returns and Allowances 335 Apr. 10 Accounts Receivable 1461 Sales Revenue 1461 Apr. 12 Purchases 905 Accounts Payable 905 Apr. 12 Purchases 905 Accounts Payable 905 Apr. 14 Accounts Payable 1300 Purchase Discounts 52 Cash 1248 Apr. 17 Accounts Payable 105 Purchase Returns and Allowances 105 Apr. 20 Accounts Receivable 883 Sales Revenue 883 Apr. 21 Accounts Payable 800 Purchase Discounts 8 Cash 792 Apr. 27 V Sales Returns and Allowances 87 Accounts Receivable 87 Apr. 30 Cash 1330 Accounts Receivable 1330 (b) Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries posted in part a. Round answers to 0 decimal places, e.g. 5,275. For accounts that have a zero balance select "4/30 Bal." from the list and enter O for the amount.) Cash Accounts Receivable Inventory Inventory Accounts Payable > Common Stock Sales Revenue Sales Revenue Sales Returns and Allowances Purchases Purchase Returns and Allowances Purchase Returns and Allowances Purchase Discounts v > Freight-In
