Question 7 of 7 2.9/10 E At the beginning of the current season on April 1, the ledger of Blue's Discorama showed Cash $2,000, Inventory $2,200, and Owner's Capital $4,200. The following transactions were completed during April 2022. Apr. 5 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,100, FOB shipping point, terms 2/10, n/60. 7 Paid freight on the Mumford purchase $40. 9 Received credit from Mumford Co. for merchandise returned $100. 10 Sold merchandise on account for $830, terms n/30. The merchandise sold had a cost of $498. 12 14 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $670, terms 1/10, n/30. Paid Mumford Co. in full, less discount. 17 Received credit from Saucer Sportswear for merchandise returned $70. 20 21 2228 Made sales on account for $700, terms n/30. The cost of the merchandise sold was $400. Paid Saucer Sportswear in full, less discount. 27 Granted an allowance to customers for clothing that did not fit $20. 30 Received payments on account from customers $900. 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. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold. Question 7 of 7 If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation Apr. 5 Inventory Accounts Payable Apr. 7 Inventory Cash Debit 1100 40 Apr. 9. Accounts Payable 100 Inventory Apr. 10 Accounts Receivable 830 Sales Revenue (To record credit sale.) Apr. 10 Cost of Goods Sold 498 Inventory (To record cost of merchandise sold.) Apr. 12 v Inventory Accounts Payable Apr. 14 Accounts Payable 670 2.9/10 E Credit 1100 40 100 830 98 670 Question 7 of 7 Apr. 14 v Accounts Payable Inventory Cash Apr. 17 v Accounts Payable Apr. 20 Inventory Accounts Receivable Sales Revenue (To record credit sale.) Apr. 20 v Cost of Goods Sold Apr. 21 Inventory (To record cost of merchandise sold.) Accounts Payable Inventory Cash 2.97 10 0 700 700 400 Apr. 27 Sales Returns and Allowances 201 Accounts Receivable 20 400 Question / of / (b) Enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries presented in the previous part.) Cash No. 101 Date Explanation Ref. Debit Credit Balance Balance J1 31 J1 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance 31 J1 J1 31 Inventory Date Explanation Ref. Debit > Balance J1 31 J1 J1 == J1 01 J1 31 No. 120 Credit Balance Accounts Payable Date Explanation Ref. Debit 31 31 Credit Balance No. 201 Question 7 of 7 < Owner's Capital Date Explanation Ref. Debit Balance 2.9/10 E No. 301 Credit Balance Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance J1 01 Sales Returns and Allowances Date Explanation Ref. Debit No. 412 Credit Balance J1 Cost of Goods Sold No. 505 Date: Explanation Ref. Debit Credit Balance 31 31 Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.) BLUE'S DISCORAMA Trial Balance Totals eTextbook and Media Debit Credit