a. Journalize the April transactions using a perpetual inventory system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
What is the solution of question P5. 4 part a?
Transcribed Image Text:300
b. Journalize the adjusting entries that
c. Journalize the closing entries that are necessary.
pare a trial
Yalong River Resort. At the beginning of the current season, the ledger of Zheng s Tennis Shop show
were
completed during April.
Apr. 4
Purchased racquets and balls from Jay-Mac Ltd. ¥760, FOB shipping point, terms 2/10 p/20
6.
Paid freight on purchase from Jay-Mac ¥40.
8
Sold merchandise to members ¥1,150, terms n/30. The merchandise sold had a cost
of ¥790.
Received credit of ¥60 from Jay-Mac for a racquet that was returned.
Purchased tennis shoes from Li Sports for cash, ¥420.
Paid Jay-Mac in full.
Purchased tennis shirts and shorts from Everett Sportswear ¥800, FOB shipping point, terme
3/10, n/60.
Received cash refund of ¥50 from Li Sports for damaged merchandise that was returned.
Paid freight on Everett Sportswear purchase ¥30.
Sold merchandise to members ¥980, terms n/30, The cost of the merchandise sold
was ¥520.
Received ¥600 in cash from members in settlement of their accounts.
Paid Everett Sportswear in full.
Granted an allowance of ¥40 to members for tennis clothing that did not fit properly.
Received cash payments on account from members, ¥820.
10
11
13
14
15
17
18
20
21
27
30
The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 Accounts
Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401
Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold.
Instructions
a. Journalize the April transactions using a perpetual inventory system.
b. Enter the beginning balances in the ledger accounts and post the April transactions. (Use J1 for the
journal reference.)
c. Prepare a trial balance on April 30, 2020.
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