Looking for someone who is strong in accounting to work on this problem on the excel sheet I have using the periodic inventory method, so I can visualize what needs to be done for my other assignments. Thanks!<\/p>
<\/p>
<\/p>
Tennis Shop showed Cash $2,500; Inventory $1,700; and Common Stock $4,200. The following transactions were completed during April.<\/p>
Apr.4Purchased racquets and balls from Riggs Co. $740, terms 3\/10, n\/30.<\/p>
6Paid freight on Riggs Co. purchase $60.<\/p>
8Sold merchandise to customers $900, terms n\/30.<\/p>
10Received credit of $40 from Riggs Co. for a racquet that was returned.<\/p>
11Purchased tennis shoes from King Sports for cash $300.<\/p>
13Paid Riggs Co. in full.<\/p>
14Purchased tennis shirts and shorts from BJ Sportswear $700, terms 2\/10, n\/60.<\/p>
15Received cash refund of $50 from King Sports for damaged merchandise that was returned.<\/p>
17Paid freight on BJ Sportswear purchase $30.<\/p>
18Sold merchandise to customers $1,000, terms n\/30.<\/p>
20Received $500 in cash from customers in settlement of their accounts.<\/p>
21Paid BJ Sportswear in full.<\/p>
27Granted an allowance of $25 to customers for tennis clothing that did not fit properly.<\/p>
30Received cash payments on account from customers $550.<\/p>
The chart of accounts includes Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-In.<\/p>
Instructions<\/em><\/strong><\/p> (a)<\/strong> Journalize the April transactions using a periodic inventory system.<\/p> <\/p> (c)Trial balance total $6,225<\/strong><\/p> Gross profit $766<\/strong><\/p> <\/p> (b)<\/strong> Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions.(c)<\/strong> make a trial balance on April 30, 2017.<\/p> (d)<\/strong> make an income statement through gross profit, assuming inventory on hand at April 30 is $2,296.<\/p>",
"transcribed_text": "",
"related_book": {
"title": "Managerial Accounting Tools for Business Decision Making ",
"isbn": "1118856996, 978-1118856994",
"edition": "4th Canadian edition",
"authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly",
"cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1190.jpg",
"uri": "\/textbooks\/managerial-accounting-tools-for-business-decision-making-4th-canadian-edition-1190",
"see_more_uri": ""
},
"free_related_book": {
"isbn": "0691197369",
"uri": "\/textbooks\/patchwork-leviathan-pockets-of-bureaucratic-effectiveness-in-developing-states-1st-edition-978-0691197364-284826",
"name": "Patchwork Leviathan Pockets Of Bureaucratic Effectiveness In Developing States",
"edition": "1st Edition"
},
"question_posted": "2024-06-28 07:12:41",
"see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12",
"step_by_step_answer": "The Answer is in the image, click to view ...",
"students_also_viewed": [
{
"url": "\/as-the-new-bookkeeper-for-a-small-business-you-find",
"description": "As the new bookkeeper for a small business, you find that several people access the Petty Cash Fund, usually without anyone leaving a written explanation of what the money was used for. The amount of...",
"stars": 3
},
{
"url": "\/study-help\/psychology-2e\/briefly-describe-bacons-four-idols-how-do-the-idols-apply-1985036",
"description": "Briefly describe Bacons four Idols. How do the Idols apply today?",
"stars": 3
},
{
"url": "\/widgitsrus-specializes-in-building-gears-that-go-into-large-windmills",
"description": "Widgits-R-Us specializes in building gears that go into large windmills and clocks. The company has had the following sales and production costs for the last four years. Required: 1. Compute...",
"stars": 3
},
{
"url": "\/study-help\/questions\/write-a-java-program-use-jdbc-to-connect-to-the-9868638",
"description": "Write a Java program (use JDBC to connect to the database) that implements the following function (written in pseudo code): (20 points) CALL RECURSION ( GIVENP# ) ; RECURSION: PROC ( UPPER_P# )...",
"stars": 3
},
{
"url": "\/study-help\/questions\/express-lane-a-regional-convenience-store-chain-maintains-milk-inventory-2521991",
"description": "Express Lane, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Schenectady, New York, location follow: ( Click the icon to...",
"stars": 3
},
{
"url": "\/study-help\/questions\/changes-to-australias-superannuation-legislation-now-enable-eligible-employees-to-1010147",
"description": "Changes to Australia's superannuation legislation now enable eligible employees to choose the superannuation fund they wish their super contributions to be paid into. Employers are legally obliged to...",
"stars": 3
},
{
"url": "\/study-help\/questions\/xln-32-x-20-and-two-events-1002909",
"description": "= {x|ln 3.2 x 20} and two events A Problem 1. (6 points) Given a sample space S x 6} and B {x|3 x 7}, describe the following events. a) AUB. b) A - B. c) AU (BNS). = {x|2",
"stars": 3
},
{
"url": "\/study-help\/questions\/case-study-you-are-a-business-analyst-who-has-just-1010296",
"description": "Case Study You are a business analyst who has just joined the commission system replacement project at PrivateWealth. The project has been running for six months, and half of the planned analysis...",
"stars": 3
},
{
"url": "\/study-help\/questions\/jumpst-corporation-uses-the-cost-formula-y-1600-3455476",
"description": "Jumpst Corporation uses the cost formula Y = $1,600 + $0.20X for the maintenance cost in Department B, where X is machine-hours. The August budget is based on 20,000 hours of planned machine time....",
"stars": 3
},
{
"url": "\/study-help\/questions\/read-the-following-information-about-ellen-provide-your-responses-on-1009679",
"description": "Read the following information about Ellen. Provide your responses on the worksheet that accompanies this assignment. Ellen got her \"first, good - real\" job [not counting the \"McJobs\" she had while...",
"stars": 3
}
],
"next_back_navigation": {
"previous": "\/study-help\/questions\/the-probability-that-a-key-component-of-a-computer-will-4261212",
"next": "\/study-help\/questions\/need-help-with-the-solution-incorrect-problem-6-1-point-4261214"
},
"breadcrumbs": [
{
"name": "Study help",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers"
},
{
"name": "Business",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business"
},
{
"name": "Accounting",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting"
},
{
"name": "Looking for someone who is strong in accounting to work on this",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/looking-for-someone-who-is-strong-in-accounting-to-work-4261213"
}
],
"skill_details": {
"skill_id": "9",
"skill_name": "Accounting",
"parent_id": "1"
}
}1"
}
}