Problem 1 Yolanda Hagen, a former disc golf star, operates Yolandas Discorama At the beginning of the currents season on May 1, the ledger of Yolandas Discorama showed Cash $5,000, Inventory $3,500, and Owners Capital $8,500 The following transactions were completed during May May 1 Purchased golf discs, bags, and other inventory on account from Mumford Co $1,800, FOB shipping point, term 2 10, n 60 May 5 Paid freight on the Mumford purchase $60 May 7 Received credit from Mumford Co for merchandise returned $150 May 9 Sold merchandise on account for $1,000, term n 30 The merchandise sold had a cost of $600 May 10 Paid Mumford Co in full, less discount May 12 Purchase disc golf shirts and other accessories on account from Saucer Sportswear $870, Term 1 10, n 30 May 15 Received credit from Saucer Sportwear for merchandise returned $90 May 18 Made sales on account for $820, term n 30 The cost of the merchandise sold was $510 May 21 Paid Saucer Sportwear in full, less discount May 26 Granted an allowance to customers for clothing that was flawed $25 May 28 Received payment on account from customer $1,000 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 Owners Capital, No 401 Sale Revenue, No 412 Sale Returns and Allowances, and No 505 Cost of goods Sold Instructions a Journalize the May transactions using a perpetual inventory system (11 points) b Enter the beginning balance in the ledger account and post the May transaction ( Taccount) (8 points) c Prepare a trial balance on May 31, 2021 (6 points) Problem 1 Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama At the beginning of the currents season on May 1, the ledger of Yolanda's Discorama showed Cash $5,000, Inventory $3,500, and Owner's Capital $8,500 The following transactions were completed during May May 1 Purchased golf discs, bags, and other inventory on account from Mumford Co $1,800, FOB shipping point, term 2 10, n 60 May 5 Paid freight on the Mumford purchase $60 May 7 Received credit from Mumford Co for merchandise returned $150 May 9 Sold merchandise on account for $1,000, term n 30 The merchandise sold had a cost of $600 May 10 Paid Mumford Co in full, less discount May 12 Purchase disc golf shirts and other accessories on account from Saucer Sportswear $870, Term 1 10, n 30 May 15 Received credit from Saucer Sportwear for merchandise returned $90 May 18 Made sales on account for $820, term n 30 The cost of the merchandise sold was $510 May 21 Paid Saucer Sportwear in full, less discount May 26 Granted an allowance to customers for clothing that was flawed $25 May 28 Received payment on account from customer $1,000 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 Sale Revenue, No 412 Sale Returns and Allowances, and No 505 Cost of goods Sold Instructions a Journalize the May transactions using a perpetual inventory system (11 points) b Enter the beginning balance in the ledger account and post the May transaction (T account) (8 points) c Prepare a trial balance on May 31, 2021 (6 points)

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Problem 1: Yolanda Hagen, a former disc golf star, operates Yolandas Discorama. At the beginning of the currents season on May 1, the ledger of

Problem 1: Yolanda Hagen, a former disc golf star, operates Yolandas Discorama. At the beginning of the currents season on May 1, the ledger of Yolandas Discorama showed Cash $5,000, Inventory $3,500, and Owners Capital $8,500. The following transactions were completed during May. May 1 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,800, FOB shipping point, term 2/10, n/60. May 5 Paid freight on the Mumford purchase $60. May 7 Received credit from Mumford Co. for merchandise returned $150. May 9 Sold merchandise on account for $1,000, term n/30. The merchandise sold had a cost of $600. May 10 Paid Mumford Co. in full, less discount. May 12 Purchase disc golf shirts and other accessories on account from Saucer Sportswear $870, Term 1/10, n/30. May 15 Received credit from Saucer Sportwear for merchandise returned $90. May 18 Made sales on account for $820, term n/30. The cost of the merchandise sold was $510. May 21 Paid Saucer Sportwear in full, less discount. May 26 Granted an allowance to customers for clothing that was flawed $25. May 28 Received payment on account from customer $1,000. 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 Owners Capital, No. 401 Sale Revenue, No. 412 Sale Returns and Allowances, and No. 505 Cost of goods Sold. Instructions a. Journalize the May transactions using a perpetual inventory system. (11 points) b. Enter the beginning balance in the ledger account and post the May transaction. ( Taccount) (8 points) c. Prepare a trial balance on May 31, 2021. (6 points)

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Problem 1: Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. At the beginning of the currents season on May 1, the ledger of Yolanda's Discorama showed Cash $5,000, Inventory $3,500, and Owner's Capital $8,500. The following transactions were completed during May. May 1 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,800, FOB shipping point, term 2/10, n/60. May 5 Paid freight on the Mumford purchase $60. May 7 Received credit from Mumford Co. for merchandise returned $150. May 9 Sold merchandise on account for $1,000, term n/30. The merchandise sold had a cost of $600. May 10 Paid Mumford Co. in full, less discount. May 12 Purchase disc golf shirts and other accessories on account from Saucer Sportswear $870, Term 1/10, n/30. May 15 Received credit from Saucer Sportwear for merchandise returned $90. May 18 Made sales on account for $820, term n/30. The cost of the merchandise sold was $510. May 21 Paid Saucer Sportwear in full, less discount. May 26 Granted an allowance to customers for clothing that was flawed $25. May 28 Received payment on account from customer $1,000. 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 Sale Revenue, No. 412 Sale Returns and Allowances, and No. 505 Cost of goods Sold. Instructions a. Journalize the May transactions using a perpetual inventory system. (11 points) b. Enter the beginning balance in the ledger account and post the May transaction. (T- account) (8 points) c. Prepare a trial balance on May 31, 2021. (6 points)