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Question: How do I fill out the income statement, given trial balance? At the beginning of the current season on April 1, the ledger of
Question: How do I fill out the income statement, given trial balance?
At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $3,055; Inventory $4,055; and Common Stock $7,110. The following transactions occurred during April 2017.
Apr. 5 | Purchased golf bags, clubs, and balls on account from Arnie Co. $1,665, terms 3/10, n/60. | |
7 | Paid freight on Arnie Co. purchases $89. | |
9 | Received credit from Arnie Co. for merchandise returned $365. | |
10 | Sold merchandise on account to members $1,487, terms n/30. | |
12 | Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $921, terms 2/10, n/30. | |
14 | Paid Arnie Co. in full. | |
17 | Received credit from Woods Sportswear for merchandise returned $121. | |
20 | Made sales on account to members $899, terms n/30. | |
21 | Paid Woods Sportswear in full. | |
27 | Granted credit to members for clothing that did not fit properly $89. | |
30 | Received payments on account from members $1,354. |
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