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Inventory Purchases Sunflower Soccer Club is a soccer club for dedicated youth soccer players. Use the following information and the t-accounts provided to record the
Inventory Purchases Sunflower Soccer Club is a soccer club for dedicated youth soccer players. Use the following information and the t-accounts provided to record the clubs April purchase transactions, assuming it uses the perpetual inventory system. Sunflower purchased 420 engraved medals on account from Evans Engraving for $3,40 each on April 8. The terms of the purchase were 4/10. n/30. The medals were for the winners of a soccer tournament the following weekend. . When Sunflower received the medals on April 12. it noticed the engraving was slightly crooked on 22 of the medals. Evans gave Sunflower a $19 purchase allowance related to those medals. Sunflower also noticed that 10 of the medals were incorrectly engraved. It returned those medals to Evans and requested a refund because it had overestimated the number of medals needed in the original order. . On April 16, Sunflower paid Evans for the full amount owed on account. Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box in each t-account relates to a separate transaction and every box needs an answer. If there is no dollar value for the box, put a 'o' in the space provided. You must show you work in order to get any credit for this problem. ASSETS LIABILITIES EQUITY Cash Accounts Payable Inventory
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