Ivanhoe Distributors completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Ivanhoe showed Cash of 9,000 and Share Capital-Ordinary of C9,000. Apr. 2 Purchased merchandise on account from Walker Supply 8,000, terms 1/10,n/30. 4 Sold merchandise on account C5,100. FOB destination, terms 1/10,n/30. The cost of the merchandise sold was 64,300 . 5 Paid 200 freight on April 4 sale. 6 Received credit from Walker Supply for merchandise returned 300. 11 Paid Walker Supply in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash 4,300. 16 Received refund from supplier for returned goods on cash purchase of April 14,6410, 18 Purchased merchandise from Benjamin Glasoware 3,400, FOB shipping point, terms 2/10,n/30. 20 Paid freight on Aprill 18 purchase 210 23 Sold merchandise for cash 6,800. The merchandise sold had a cost of A,600. 26 Purchased merchandise for cash 3,050. 27 Pald Benjamin Glassware in full, less discount. 29 Made refunds to cash customers for defective merchandise e70. The returned merchandise had a fair value of 30. 30 Sold merchandise on account es,000, terms n/30. The cost of the merchandise sold was e1,600. 5 Paid 200 freight on April 4 sale. 6 Received credit from Walker Supply for merchandise returned 300. 11 Paid Walker Supply in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash 4,300. 16 Received refund from supplier for returned goods on cash purchase of April 14, 410. 18 Purchased merchandise from Benjamin Glassware 3,400. FOB shipping point, terms 2/10,n/30. 20 Paid freight on April 18 purchase 210. 23 Sold merchandise for cash 6,800. The merchandise sold had a cost of 4,600. 26 Purchased merchandise for cash 3,050. 27 Paid Benjamin Glassware in full, less discount. 29 Made refunds to cash customers for defective merchandise 70. The returned merchandise had a fair value of 30. 30 Sold merchandise on account 5,000, terms n/30. The cost of the merchandise sold was 1,600. Ivanhoe chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-Out. Enter the beginning cash and share capital-ordinary balances, and post the transactions. (Post entries in the order of journal entries presented in the previous part.) J1 Accounts Receivable No. 112 \begin{tabular}{|llll} \hline Date Explanation Ref. Debit \end{tabular} \begin{tabular}{|r|r|} \hline Inventory \\ \hline Date Explanation Ref. & Debit \\ \hline \end{tabular} No. 120 31 31 J1 J1 Freight-out No. 126 \begin{tabular}{|c|c|c|} \hline Date Explanation Ref. Debit \\ \hline \end{tabular} Accounts Payable No. 201 Date Explanation Ref. Debit \begin{tabular}{|c|c|c|c|c|c|} \hline & & & & & \\ \hline \end{tabular} Sales Returns and Allowances No, 412 \begin{tabular}{c|ccc|} \hline Date Explanation Ref. \end{tabular} No. 414 31 31 31
