Problem 5-4A (Part Level Submission) Adam Nichols, a former disc golf star, operates Blue Spruce Corp.. At the beginning of the current season on April 1, the ledger of Blue Spruce Corp. showed Cash $1,800, Inventory 2,300, and Common Stock $4,100. The following transactions were completed during April Apr. 5 Purchased golf discs, bags, and other inventory on account from Rayford Co. $1,050, FOB shipping point, terms 2/10, n/60 7 Paid freight on the Rayford purchase $50 9 Received credit from Rayford Co. for merchandise returned $200 10 Sold merchandise on account for $800, terms n/30. The merchandise sold had a cost of $480 12 Purchased disc golf shirts and other accessories on account from Galaxy Sportswear 650, terms 1/10, n/30 14 Paid Rayford Co. in full, less discount. 17 Received credit from Galaxy Sportswear for merchandise returned $50 20 Made sales on account for $540, terms n/30. The cost of the merchandise sold was $300 21 Paid Galaxy Sportswear in full, less discount. 27 Granted an allowance to customers for clothing that was flawed $30 30 Received payments on account from customers $930 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. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold Your answer is partially correct. Try again. Enter the beginning balances in the ledger accounts and post the April transactions. (Round answers to 0 decimal places, e.g. 5,275. Post entries in the order of journal entries presented in the previous part.) Cash No. 101 Credit Balance Date Explanation Ref. ebit Apr. 1 Balance V Apr. 5 Apr. 7 JI JI Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance J1 JI No. 120 Date Explanation Ref Credit Apr. 1Balance 2300 Apr. 5 1050 3350 Apr. 7 Apr 9 200 3200 Apr 10 2720 3370 Apr. 12 Apr. 14 Apr 17 # 17 3353 3303 Apr. 21 3003 Apr 21 6.10 2996.90 Accounts Payable No. 201 Date Explanation Ref Credit Apr. 5 1050 1050 200 850 Apr. 9 Apr 12 Apr. 14 Apr. 17 Apr. 21 1500 850 Common Stock No. 311 Explanation Ref Debit Credit Balance Apr. 1 Balance 4100 4100 No. 401 Date Explanation Ref Debit Credit Apr. 10 800 800 Apr. 20 540 1340 Apr. 10 JI 800 800 Apr 20 # 540 1340 No. 412 Sales Returns and Allowances Explanation Ref. Date Debit Credit Balance Apr 27 30 30 Cost of Goods Sold No. 505 Date Explanation Ref. Debit Credit Balance Apr. 10 480 480 Apr. 20 300 780 LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 1 of 3 used
