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Problem 5-8A At the beginning of the current season on April 1, the ledger of Kokott Pro Shop showed Cash $2,900; Inventory $3,300; and Common
Problem 5-8A At the beginning of the current season on April 1, the ledger of Kokott Pro Shop showed Cash $2,900; Inventory $3,300; and Common Stock $6,200. These transactions occurred during April 2017 Apr. 5 Purchased golf bags, clubs, and balls on account from Hogan Co. $2,000, FOB shipping point, terms 2/10, n/60 7 Paid freight on Hogan Co. purchases $150 9 Received credit from Hogan Co. for merchandise returned $200 10 Sold merchandise on account to customers $600, terms n/30 12 Purchased golf shoes, sweaters, and other accessories on account from Duffer Sportswear $750, terms 1/10, n/30 14 Paid Hogan Co. in full 17 Received credit from Duffer Sportswear for merchandise returned $150 20 Made sales on account to customers $600, terms n/30 21 Paid Duffer Sportswear in full 27 Granted credit to customers for clothing that had flaws $30 30 Received payments on account from customers $600 The chart of accounts for the pro shop includes Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-In Apr. 17+ Apr. 20 Apr. 21 Apr. 27 Apr. 30 Prepare a trial balance on April 30, 2017. KOKOTT PRO SHOP Trial Balance Debit Credit Totals Prepare an income statement through gross profit, assuming merchandise inventory on hand at April 30 is $5,158. KOKOTT PRO SHOP Income Statement (Partial)
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