ly dow At the beginning of the current golf season, on April 1, 2021, the general ledger of the In the Marigold Golf Shop Limited showed Cash $4,080; Inventory $19,110; Common Shares $11,760; and Retained Earnings $11.430. The In the Marigold Golf Shop uses a perpetual inventory system and experiences a return rate of 2% on sales. The following transactions occurred in April: Apr. 3 Purchased golf bags, clubs, and balls on account from Balata Corp. for $3,136, terms 1/10, n/30, FOB shipping point. 5 Freight of $283 was paid by the appropriate party on the April 3 purchase from Balata 7 Sold merchandise on account to members for $9.600, terms n/30. The cost of the merchandise sold was $5,600. 9 Received a $310 credit from Balata for returned merchandise. 11 Paid Balata in full. 14 Received payments on account from members. $4,067. 16 Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear Limited for $1.270, terms 2/10, n/30. ENG us 1010 M