Smallville Company was organized on January 1, 2020. It is authorized to issue 109000 shares of $110 par value common stock. At the beginning of April, the ledger of

Smallville Company carried the following balances to their respective accounts.

Cash-$58000, Merchandise Inventory- $75200, Prepaid Insurance-$4800, 10% Notes Payable-$25400, Equipment-$138000, Accumulated Depreciation: Equipment-$3800, Common Stock-$131000, Paid in capital in excess of par value: Common Stock-$24000, and Retained Earnings-$91800.

The following transactions took place in Smallville Company during April of the current year (2020).

April 1 - Issued 2500 new shares of common stock for $343000

April 3 - Purchased merchandise of $7600 on account from Prescott Co., terms FOB

destination, 2/10, n/30. The appropriate party paid the freight charge of $250.

April 4 - Sold merchandise for cash, $89100. The cost of the merchandise sold was

$47000.

April 5 - Purchased merchandise on account from Stafford Co., $23000, terms FOB

shipping point, 2/10, n/30. The appropriate paid the freight charge of $610.

April 6 - Returned $570 of merchandise purchased on April 3 from Prescott Co.

April 13 - Paid Prescott Co. on account for purchase of April 3.

April 15 - Paid Stafford Co. on account for purchase of April 5.

April 17 - Purchased merchandise for cash $1500.

April 20 - Received refund for poor quality merchandise from supplier on cash purchase

$170.

(2) Post the April journal entries to the ledger. (Remember, the ledger accounts should start with the beginning balances (if any)

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Smallville Company Ledger Cash Ret. Dr Cr Date Explanation Balance (5) Balance is Dr/Cr? Merchandise Inventory Ret. Dr CE Date Explanation Balance (5) Balance is Dr/Cr? Prepaid Insurance Rel. Dr CH Date Explanation Balance (5) Balance is Dr/Cr? 10% Notes Payable Ref. Dr Cr Date Explanation Balances Balance is Dr/Cr? Equipment Cr Date Explanation Ref. Dr Balance Balance is Dr/Cr? Accumulated Depreciation Equipment Ref. Dr Cr Balance (5) Date Explanation Balance is Dr Cr? Common Stock Ret Dr Cr Date Explanation Balance (5) Balance is Dr/Cr? Date Explanation Paid in capital in excess of par-Common Stock Ref. Dr Cr Balance (5) Balance i Dr/Cr? Accumulated Depreciation Equipment Ref. Dr G Balance (5) Data Explanation Balance is Dr/Cr? Common Stock Ref. Dr Cr Date Explanation Balance (5) Balance is Dr/Cr? Paid in capital in excess of par-Common Stock Ref. Dr Cr Balance (5) Date Explanation Balance is Dr/Cr? Retained Earnings Ref. Dr CF Date Explanation Balance (5) Balance is Dr/Cr? Accounts Payable Refi Dr Cr Date Explanation Balance (5) Balance is Dron Date Explanation Sales Revenue RelDr CF Balance (5) Balance is Dr/Cr? Cost of Goods Sold Reli Dr Cr Date Explanation Balance (5) Balance is Dr/Cr