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At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $2,610;>> Get This Solution

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At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $2,610, Inventory $3,500, and Common Stock $6,110. The following transactions were completed during April 2014.;Apr. 5 Purchased golf bags, clubs, and balls on account from Akers Co. $1,400, terms 3/10, n/60.;7 Paid freight on Akers purchase $80.;9 Received credit from Akers Co. for merchandise returned $400.;10 Sold merchandise on account to members $1,380, terms n/30. The merchandise sold had a cost of $810.;12 Purchased golf shoes, sweaters, and other accessories on account from Palmer Sportswear $870, terms 2/10, n/30.;14 Paid Akers Co. in full.;17 Received credit from Palmer Sportswear for merchandise returned $70.;20 Made sales on account to members $910, terms n/30. The cost of the merchandise sold was $550.;21 Paid Palmer Sportswear in full.;27 Granted an allowance to members for clothing that did not fit properly $80.;30 Received payments on account from members $1,100.

 

Paper#75794 | Written in 18-Jul-2015

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