Question 05 10 Marks Stevenson, a former professional tennis star, operates Stevens Tennis Shop at the Mitchell Lake Resort. At the beginning of the current season, the ledger of Stevens Tennis Shop showed Cash $2,500, Inventory $1,700, and Owners Capital $4,200. The following transactions were completed during April. Apr. 4 Purchased racquets and balls from Miles Co. $840, FOB shipping point, terms 2/15, n/30. 6 Paid freight on purchase from Miles Co. $80. 8 Sold merchandise to members $1,350, terms n/30. The merchandise sold had a cost of $790 10 Received credit of $40 from Miles Co. for a racquet that was returned. 11 Purchased tennis shoes from Leung Sports for cash, $420. 13 Paid Miles Co. in full. 14 Purchased tennis shirts and shorts from Cyrenas Sportswear $1750, FOB shipping point, terms 2/10, n/60. The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owners Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold. Instructions (a) Journalize the April transactions using a perpetual inventory system.