Sunland Distributors completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Sunland showed Cash of 7,600 and Share Capital-Ordinary of 7,600. Apr. 2 Purchased merchandise on account from Walker Supply 6,300, terms 1/10, n/30. 4 Sold merchandise on account 6,800,FOB destination, terms 1/10,n/30. The cost of the merchandise sold was 2,600. 5 Paid 250 freight on April 4 sale. 6 Received credit from Walker Supply for merchandise returned 400. 11 Paid Walker Supply in full, less discount. 13 Received collections in full, less discounts, from customers billed on April 4. 14 Purchased merchandise for cash 4,200. 16 Received refund from supplier for returned goods on cash purchase of April 14, 420. 18 Purchased merchandise from Benjamin Glassware 6,200, FOB shipping point, terms 2/10,n/30. 20 Paid freight on April 18 purchase 180. 23 Sold merchandise for cash 5,900. The merchandise sold had a cost of 4,500. 26 Purchased merchandise for cash 3,450. 27 Paid Benjamin Glassware in full, less discount. 29 Made refunds to cash customers for defective merchandise 60. The returned merchandise had a fair value of 40. 30 Sold merchandise on account 4,500, terms n/30. The cost of the merchandise sold was 2,100. Sunland chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-Out. Enter the beginning cash and share capital-ordinary balances, and post the transactions. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable No. 112 Explanation Ref. Debit Credit Balance ]1 ]1 J1 No. 120 J1 ]1 J1 J1 J1 ]1 J1 ]1 J1 J1 J] J] J1 J1 J1 J1 No. 301 J1 J1 Sales Returns and No. 401 Allowances No. 412 Cost of Goods Sold No. 505 J1 J1 J1 SUNLAND DISTRIBUTORS Income Statement (Partial) eTextbook and Media List of Accounts