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ACCT $200$: EXAM $2$ REVIEW ACTIVITY

INVENTORY PURCHASES & SALES

At the beginning of the season on April $1,$ Green Acres Golf Course completed a physical inventory count and found that $$3,000$ of inventory was still on hand. Throughout the month of April, Green Acres had the following purchase transactions occur to restock their club house merchandise. Record all entries below and answer the questions at the bottom.

Assume Green Acres uses specification identification and a perpetual inventory system.

A$.$ Purchased $200$ boxes of $12-$pack golf balls printed with the Green Acres Golf Course logo for $$10$ per box. These were purchased on account with terms $\frac{2}{30},\frac{n}{90}.$

B$.$ Purchased $3$ sets of golf clubs with cash that cost $$150,$$$200$ and $$250$ respectively.

C$.$ Returned $15$ boxes of golf balls due to a logo printing defect.

D$.$ Green Acres paid the full amount owed to their supplier within the discount period.

E$.$ Green Acres sold one golf bag to a customer for $$300$ on account with terms $\frac{2}{30},\frac{n}{60}.$ The cost of the golf bag was $$200.$

F$.$ The customer was not happy with the golf bag and decided to return it$.$ Since it was not defective, Green Acres plans to resell the bag.

G$.$ Green Acres sold another golf bag to another customer for $$400$ cash. The cost of the golf bag was $$250.$