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 $2,400, and Owner?s Capital $4,200. The following transactions were completed during April. Apr. 5 | Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,200, FOB shipping point, terms2/10, n/60. | 7 | Paid freight on the Mumford purchase $60. | 9 | Received credit from Mumford Co. for merchandise returned $100. | 10 | Sold merchandise on account for $880, terms n/30. The merchandise sold had a cost of $528. | 12 | Purchased disc golf shirts and other accessories on account from Saucer Sportswear $675, terms 1/10, n/30. | 14 | Paid Mumford Co. in full, less discount. | 17 | Received credit from Saucer Sportswear for merchandise returned $75. | 20 | Made sales on account for $680, terms n/30. The cost of the merchandise sold was $400. | 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 $840. | |
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