Question 4 part B

Question 4 Adam Nichols, a former disc go star, operates Adam's Discorama. At the beginning of the current season on April 1, the ledger of Adam's Discorama showed Cash $2,000, Inventory $2,200, and Common Stock $4,200. 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 $40. 9 Received credit from Rayford Co. for merchandise returned $200. 10 Sold merchandise on account for $950, terms n/30. The merchandise sold had a cost of $570. 12 Purchased disc golf shirts and other accessories on account from Galaxy Sportswear $670, terms 1/10, n/30 14 Paid Rayford Co. in full, less discount 17 Received credit from Galaxy Sportswear for merchandise returned $70. 20 Made sales on account for $580, 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 $40. 30 Received payments on account from customers $920. 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. (a) (b) 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 A Balance J1 J1 Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance Inventory No. 120 Date Explanation Ref Debit Credit Balance A Balance J1 J1 J1