Problem 6-66A (Algorithmie) Recording Sale and Purchase Transactions Nipharack Company sells a line of tennis equipment to retailers. Alpharack uses the perpetual inventory system and engaged in the following transactions during April 2019, its first month of operations On April 2, Alpharack purchased, on credit, 320 Wibur T-100 tennis rackets with credit terms of 2/10, 130. Ther e purchased at a cost of $30 each Alpharackpad Baker Thuding 150 to transport the mind rom the manufacturer to Alpharack's warehouse, shipping terms were F.0.8. shipping point and the noms were shipped on for 2 On April 3, Alpharack purchased for cash, 150 packs of tennis balls for $10 per pack On April 4, Alpharack purchased tennis cothing on credit, from Designer Tennis Wear. The cost of the d ing was 8.000 Credit terms were 2/10, 125 On Art 10. Alphard paid for the purchase of the tennis radi a tion On Art 15. Alphardened that 500 of the song was d ie Abhandmade Designer Tennis Wear O n 20. Acharack sd 100 is de $90 each. 100 packs of $ 12 5 .000 were for cash. The cost of the merchandise sold was 55.220 O n 23. Gustomers med 5575 of the merchandise purchased on Apr 20. The cost of the merchand urned was 300 On An 25. ok soldanother 50 t rackson credit for 90 each and 25 packs often a 12 pack och The cost of the merchandise sold was 2 000 On Apr 29. Alpharack paid egner Tennis Wear for the dating purchased on April 4 minus the return on April 15 1 on April 30, Alphack purchased 20 tennis bags, on credit, from Bag Designs for $320. The bags were shipped FOB destination and arrived at Alpharack on May 3 T:: Required: 1. Prepare the journal entries to record the sale and purchase transactions for Alpharack during April 2019. If no entry is required select "No try required and leave the amount boxes bank. For a compound transaction, an amount box does not require an entry cave bank April Accounts Payable Cash (Purchased inventory on account) April 2 Check My Work more Check My Work i ng Previous Next) some des gement for Grading Email restructor Save and to ColHkL . April Cost of Goods Sold Cash (Purchased intory for Capria Purchased dropdown Rond 10 P accountable counter e. April 15 Recorded tom of merchandie) 1. April 20 Made cash sales) April 20 Recorded cost of merchandise sold) April 23 Recorded return of merchandise Check My Work more Check My Work uses remaining Previous Next > alice Save and Submit Assignment for Grading April 23 (Recorded cost of goods sold) Art 25 (Made both cash and on act) April 25 Recorded cost of merchandises) 0 II II April 29 (Paid off accounts payable) April 30 (Purchased Inventory on account) 2. Assuming operating expenses of $8,500, prepare Alpharack's income statement for April 2019. (Ignore income tax expense.) Alpharack Income Statement For the Period Ended April 30, 2019 Check My Work Smore Check My Work uses remaining Previous Next > Email Instructor Save and Exit Submit Assignment for Grading (ecorded cost of merchandised) April 29 (paid off accounts payable April 30 Purchased Inventory on account) 2. Assuming operating expenses of $8.500, prepare Alpharack's income statement for April 2019. (Ignore income tax expense) Alpharack Income Statement For the Red Ended for 20 2019 Check My Work more Check My remaining Previous Next > Email Instructor Save and Exit Submit Assignment for Grading G H
