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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 club's April purchase transactions, assuming it uses the perpetual inventory system. Sunflower purchased 840 engraved medals on account from Evans Engraving for $6.80 each on April 8. The terms of the purchase were 2/10, 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 26 of the medals. Evans gave Sunflower a $44 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 "0" in the space provided. You must show you work in order to get any credit for this problem. ASSETS LIABILITIES EQUITY Cash Accounts Payable 5,488 44 0 5,712
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