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Problem 5-4A Yolanda Hagen, a former disc golf star, operates Yolanda's Discorama. At the beginning of the current season on April 1, the ledger of
Problem 5-4A 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 $2,000, Inventory 2,200, 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. $1,150, FOB shipping point, terms 2/10, n/60 7 Paid freight on the Mumford purchase $40 9 Received credit from Mumford Co. for merchandise returned $200 10 Sold merchandise on account for $870, terms n/30. The merchandise sold had a cost of $522 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 $510, terms n/30. The cost of the merchandise sold was $350 21 Paid Saucer Sportswear in full, less discount. 27 Granted an allowance to customers for clothing that was flawed $40 30 Received payments on account from customers $880
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