Problem 5-3A Journalize the April transactions using a perpetual inventory syste
ID: 2539847 • Letter: P
Question
Problem 5-3A
Journalize the April transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.)
Please help fill out,Problem 5-3A
At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $2,500; Inventory $3,500; and Common Stock $6,000. The following transactions were completed during April 2017.Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,500, terms 3/10, n/60. 7 Paid freight on Arnie purchase $80. 9 Received credit from Arnie Co. for merchandise returned $200. 10 Sold merchandise on account to members $1,340, terms n/30. The merchandise sold had a cost of $820. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $830, terms 1/10, n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $30. 20 Made sales on account to members $810, terms n/30. The cost of the merchandise sold was $550. 21 Paid Woods Sportswear in full. 27 Granted an allowance to members for clothing that did not fit properly $80. 30 Received payments on account from members $1,220.
Journalize the April transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.)
Explanation / Answer
Date Geeneral Journal Debit Credit 05-Apr Inventory 1500 Accounts Payable 1500 07-Apr Inventory 80 Cash 80 09-Apr Accounts Payable 200 Inventory 200 10-Apr Accounts Receivable 1340 Sales Revenue 1340 To record credit sale COGS 820 Inventory 820 12-Apr Inventory 830 Accounts Payable 830 14-Apr Accounts Payable 1300 Cash 1261 Inventory 39 17-Apr Accounts Payable 30 Inventory 30 20-Apr Accounts Receivable 810 Sales Revenue 810 To record credit sale COGS 550 Inventory 550 21-Apr Accounts Payable 800 Cash 792 Inventory 8 27-Apr Sales Returns and allowances 80 Accounts Receivable 80 30-Apr Cash 1220 Accounts Receivable 1220 Cash Bal 2500 07-Apr 80 30-Apr 1220 14-Apr 1261 21-Apr 792 30-Apr 1587 Accounts Receivable 10-Apr 1340 27-Apr 80 20-Apr 810 30-Apr 1220 30-Apr 850 Inventory 01-Apr 3500 09-Apr 200 05-Apr 1500 10-Apr 820 07-Apr 80 14-Apr 39 12-Apr 830 17-Apr 30 20-Apr 550 21-Apr 8 30-Apr 4263 Accounts Payable 09-Apr 200 05-Apr 1500 14-Apr 1300 12-Apr 830 17-Apr 30 21-Apr 800 30-Apr 0 Common Stock 27-Apr 80 30-Apr 80 Cost of goods sold 10-Apr 820 20-Apr 550 30-Apr 1370 Granite Hills Pro Shop Trial Balance Cash 1587 Accounts Receivable 850 Inventory 4263 Sales Returns and allowances 80 Common Stock 6000 Sales Revenue 2150 Cost of goods sold 1370 8150 8150 Granite Hills Pro Shop Income Statement Sales Sales Revenue 2150 Less:Sales returns and allowances 80 Net Sales 2070 Cost of goods sold 1370 Gross profit 700