Problem 5-3A

At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $2,760; Inventory $3,500; and Common Stock $6,260. The following transactions were completed during April 2017.

Apr. 5		Purchased golf bags, clubs, and balls on account from Arnie Co. $2,600, terms 4/10, n/60.
7		Paid freight on Arnie purchase $80.
9		Received credit from Arnie Co. for merchandise returned $600.
10		Sold merchandise on account to members $1,210, terms n/30. The merchandise sold had a cost of $750.
12		Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $960, terms 2/10, n/30.
14		Paid Arnie Co. in full.
17		Received credit from Woods Sportswear for merchandise returned $60.
20		Made sales on account to members $900, terms n/30. The cost of the merchandise sold was $550.
21		Paid Woods Sportswear in full.
27		Granted an allowance to members for clothing that did not fit properly $85.
30		Received payments on account from members $1,170.

Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries posted in part a. For accounts that have a zero balance select "4/30 Bal." from the list and enter o for the amount.) Cash Accounts Receivable Inventory V v Accounts Payable