Question 13 4.8/15 View Policies Show Attempt History Current Attempt in Progress Adam Nichols, a former disc golf star, operates Sunland Company. At the beginning of the current season on April 1, the ledger of Sunland Company showed Cash $1,900, Inventory $2,600, and Common Stock $4,500. 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 $900, terms n/30. The merchandise sold had a cost of $540. 12 Purchased disc golf shirts and other accessories on account from Galaxy Sportswear $620, terms 1/10, n/30. 14 Paid Rayford Co. in full, less discount. 17 Received credit from Galaxy Sportswear for merchandise returned $20. 20 Made sales on account for $560, terms n/30. The cost of the merchandise sold was $350. 21 Paid Galaxy Sportswear in full, less discount. 27 Granted an allowance to customers for clothing that was flawed $20. 30 Received payments on account from customers $910. 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 Correct Answer - Your answer is partially correct. Journalize the April transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Apr. 5 Inventory 1050 Accounts Payable 1050 | Apr.7 Freight-Out 507 Cash 50 50 Apr. 9 Accounts Payable Inventory 200 Apr. 10 Accounts Receivable 900 Sales Revenue 900 (To record credit sale.) Cost of Goods Sold 540 Inventory 540 (To record cost of merchandise sold.) Inventory 620540 Accounts Payable 620 Apr. 14 Accounts Payable 850 Cash 833 Sales Discounts 17 Apr. 17 Accounts Payable 20 C Inventory Accounts Receivable 560 Sales Revenue 560 (To record credit sale.) Cost of Goods Sold 350 Inventory 350 (To record cost of merchandise sold.) (To record cost of merchandise sold.) Apr. 21 Accounts Payable 600 Cash 594 Sales Discounts Apr. 274 Sales Returns and Allowances Accounts Receivable | Apr. 30 # Cash 10 Accounts Receivable 910 Solution TIM. 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 Date Explanation Ref. Debit Credit Balance Balance Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Inventory No. 120 Date Explanation Ref. Debit Credit Balance Balance Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance Common Stock No. 311 Date Explanation Ref. Debit Credit Balance Balance Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance Sales Returns and Allowances No. 412 Date Explanation Ref. Debit Credit Balance Cost of Goods Sold No. 505 Date Explanation Ref. Debit Credit Balance e Textbook and Media List of Accounts
