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The beginning of the current season the ledger of Village

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The beginning of the current season the ledger of Village;At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and Angie Wilbert, Capital $4,200.The following transactions were completed during April.;Apr. 4 Purchased racquets and balls from Denton Co. $740, terms 3/10, n/30.;6 Paid freight on Denton Co. purchase $60.;8 Sold merchandise to members $900, terms n/30.;10 Received credit of $40 from Denton Co. for a racquet that was returned.;11 Purchased tennis shoes from Newbee Sports for cash $300.;13 Paid Denton Co. in full.;14 Purchased tennis shirts and shorts from Venus?s Sportswear $600, terms 2/10, n/60.;15 Received cash refund of $50 from Newbee Sports for damaged merchandise that was returned.;17 Paid freight on Venus?s Sportswear purchase $30.;18 Sold merchandise to members $1,000, terms n/30.;20 Received $500 in cash from members in settlement of their accounts.;21 Paid Venus?s Sportswear in full.;27 Granted an allowance of $30 to members for tennis clothing that did not fit properly.;30 Received cash payments on account from members $500.;The chart of accounts for the tennis shop includes Cash, Accounts Receivable, Merchandise;Inventory, Accounts Payable, Angie Wilbert, Capital, Sales, Sales Returns and Allowances;Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-in.;Instructions;(a) Journalize the April transactions using a periodic inventory system.;(b) Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions.;(c) Prepare a trial balance on April 30, 2010.;(d) Prepare an income statement through gross profit, assuming merchandise inventory on hand at April 30 is $2,296.

 

Paper#28865 | Written in 18-Jul-2015

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