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a. Journalize the April transactions using a perpetual inventory system.

a. Journalize the April transactions using a perpetual inventory system.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the solution of question P5. 4 part a? 

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.
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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