Description of this paper

At the beginning of the current season on April 1,...




At the beginning of the current season on April 1, the ledger of Bonita Pro Shop showed Cash $2,500;Merchandise Inventory $3,500;and V.J.Singh,Capital $6,000.These trans- actions occured during April 2010. Apr. 5 Purchased golf bags,clubs,and balls on account from Hardee Co.$2,200,FOB shipping point,terms 2/10,n/60. 7 Paid freight on Hardee Co.purchases $80. 9 Received credit from Hardee Co.for merchandise returned $200. 10 Sold merchandise on account to members $950,terms n/30. 12 Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear $460,terms 1/10,n/30. 14 Paid Hardee full. 17 Received credit from Arrow Sportswear for merchandise returned $60. 20 Made sales on account to members $1,000,terms n/30. 21 Paid Arrow Sportswear in full. 27 Granted credit to members for clothing that did not fit properly $75. 30 Received payments on account from members $1,100. The chart of accounts for the pro shop includes Cash; Accounts Receivable, Merchandise Inventory;Accounts Payable;V.J.Singh,Capital;Sales;Sales Returns and Allowances;Purchases; trial balance and partial income statement using periodic approach.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 $4,524.


Paper#7830 | Written in 18-Jul-2015

Price : $25