Recording Sale and Purchase Transactions Betasport Company sells a line of sports equipment to retailers. Betasport uses the perpetual inventory system and engaged in the following transactions during April, its first month of operations: a. On April 2, Betasport purchased, on credit, 320 Charlotte S-200 tennis rackets with credit terms of 2/10, n/30. The rackets were purchased at a cost of $30 each. Betasport paid tils Transport $150 to transport the tennis rackets from the manufacturer to Betasport's warehouse, shipping terms were FO.8. shipping point, and the items were shipped on April 2 b. On April 3, Betasport purchased, for cash, 150 packs of tennis balls for $10 per pack c. On April 4, Betasport purchased tennis dothing, on credit, from Foofoo Sports Fashions. The cost of the dothing was $8,000. Credt terms were 2/10, n/25 d. On April 10, Betasport paid for the purchase of the tennis rackets in Transaction a. On April 15, Betasport determined that $500 of the tennis dothing was defective. Betasport retumed the defective merchandise to Foofoo Sports Fashions 1. On April 20, Betasport sold 100 tennis rackets at $90 each, 100 packs of tennis bols at $12 per pack, and $4,000 of tennis dothing. Al sales were for cash. The cost of the merchandise sold was $5,740. 9. On April 23, customers returned $575 of the merchandise purchased on Apel 20. The cost of the merchandise returned was $300 h. On April 25, Betasport sold another 50 tennis rackets, on credit, for $90 each and 25 packs of tennis balls at $12 per pack, for cash. The cost of the merchandise sold was $2,000. On April 29, Betasport pad footoo Sports fashons for the dothing purchased on April 4 minus the retum on April 15. 1. On April 30, Betasport purchased 20 tennis bags, on credit, from Bag Designs for $320. The bags were shipped F.O.B. destination and arved at Betasport on May 3. Required: 1. Prepare the joumal entres to record the sale and purchase transactions for Betasport during April. If no entry a required, select "No entry required" and leave the amount boxes blank. an amount box does not require an entry, leave it blank, April 2 Apr 2 (Purchased inventory on account) Check My Work 6 more Check My Work uses remaining 88 88 Previous Next