Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please do this in periodic method. Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. At the beginning of the current season on April

Please do this in periodic method.

image text in transcribed

Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. At the beginning of the current season on April 1, the ledger of Yolanda's Discorama showed Cash $1,800, Inventory $2,500, and Owner's Capital $4,300. The following transactions were completed during April Apr. 5 Purchased golf dises, bags, and other inventory on account from Mumford Co. $1,200. FOB shipping point, terms 2/10, 1/60. 7 Paid freight on the Mumford purchase $50. 9 Received credit from Mumford Co. for merchandise returned $100. 10 Sold merchandise on account for $900, terms n/30. The merchandise sold had a cost of $540. 12 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $670, terms 1/10, 1/30. 14 Paid Mumford Co. in full, less discount 17 Received credit from Saucer Sportswear for merchandise returned $70. 20 Made sales on account for $610, terms n/30. The cost of the merchandise sold was $370. 21 Paid Saucer Sportswear in full, less discount 27 Granted an allowance to customers for clothing that was flawed $20. 30 Received payments on account from customers $900. The chart of accounts for the store includes the following: No. 101 Cash, No. 112 Accounts Receivable. No. 120 Inventory, No.201 Accounts Payable, No. 301 Owner's Capital. No.401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold. Instructions a. Journalize the April transactions using a periodic inventory system. b. Enter the beginning balances in the ledger accounts and post the April transactions. (Use J1 for the journal reference.) c. Prepare a trial balance on April 30, 2020. a

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Other Assurance Services

Authors: Alvin Arens, James Loebbecke, W Lemon, Ingrid Splettstoesser

9th Canadian Edition

0130091243, 978-0130091246

More Books

Students also viewed these Accounting questions

Question

Describe the problems in the administration of disciplinary action.

Answered: 1 week ago

Question

Explain discipline and disciplinary action.

Answered: 1 week ago