Aor. 2 Purchased 160 additional racquets from Roberts Inc. for $6,400, terms n/30. Í Determined that five of the racquets purchased on April 2 were damaged and returned them to Roberts Inc. Roberts Inc. credited Kicked-Back's account. 5 Sold 45 racquets to Tennis Dome for $90 each, terms n/30. 6 Tennis Dome returned 15 of the racquets after determining it had purchased more racquets than it needed. Kicked-Back gave Tennis Dome a credit on its account and returned the racquets to inventory. 10 Sold 40 racquets at $90 each to cash customers. 12 Ten of these racquets were returned for cash. The customers claimed they never play tennis and had no idea how they had been talked into purchasing the racquets. Refunded cash to these customers and returned the racquets to inventory. 17 An additional 10 of the racquets sold on April 10 were returned because the racquets were damaged. The customers received cash refunds and the racquets were sent to a local children's club as a gift. 25 Sold 60 racquets to the Summer Club for $90 each, terms n/30. 29 Summer Club returned 25 of the racquets after the tennis pro had examined them and determined that these racquets were of inferior quality. Kicked-Back gave Summer Club a credit and decided to return the racquets to inventory with plans to sell them for the reduced price of $75 each.
Aor. 2 Purchased 160 additional racquets from Roberts Inc. for $6,400, terms n/30. Í Determined that five of the racquets purchased on April 2 were damaged and returned them to Roberts Inc. Roberts Inc. credited Kicked-Back's account. 5 Sold 45 racquets to Tennis Dome for $90 each, terms n/30. 6 Tennis Dome returned 15 of the racquets after determining it had purchased more racquets than it needed. Kicked-Back gave Tennis Dome a credit on its account and returned the racquets to inventory. 10 Sold 40 racquets at $90 each to cash customers. 12 Ten of these racquets were returned for cash. The customers claimed they never play tennis and had no idea how they had been talked into purchasing the racquets. Refunded cash to these customers and returned the racquets to inventory. 17 An additional 10 of the racquets sold on April 10 were returned because the racquets were damaged. The customers received cash refunds and the racquets were sent to a local children's club as a gift. 25 Sold 60 racquets to the Summer Club for $90 each, terms n/30. 29 Summer Club returned 25 of the racquets after the tennis pro had examined them and determined that these racquets were of inferior quality. Kicked-Back gave Summer Club a credit and decided to return the racquets to inventory with plans to sell them for the reduced price of $75 each.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of the current tennis season, on April 1, 2014, KBT Shop’s inventory consisted of 50 tennis racquets at a cost of $40 each. KBT uses the perpetual inventory system.
Transcribed Image Text:Apr. 2 Purchased 160 additional racquets from Roberts Inc. for $6,400, terms n/30.
4 Determined that five of the racquets purchased on April 2 were damaged and returned them
to Roberts Inc. Roberts Inc. credited Kicked-Back's account.
5 Sold 45 racquets to Tennis Dome for $90 each, terms n/30.
6 Tennis Dome returned 15 of the racquets after determining it had purchased more racquets
than it needed. Kicked-Back gave Tennis Dome a credit on its account and returned the
racquets to inventory.
10 Sold 40 racquets at $90 each to cash customers.
12 Ten of these racquets were returned for cash. The customers claimed they never play tennis
and had no idea how they had been talked into purchasing the racquets. Refunded cash to
these customers and returned the racquets to inventory.
17 An additional 10 of the racquets sold on April 10 were returned because the racquets were damaged.
The customers received cash refunds and the racquets were sent to a local children's club as a gift.
25 Sold 60 racquets to the Summer Club for $90 each, terms n/30.
29
Summer Club returned 25 of the racquets after the tennis pro had examined them and determined
that these racquets were of inferior quality. Kicked-Back gave Summer Club a credit and decided
to return the racquets to inventory with plans to sell them for the reduced price of $75 each.
Transcribed Image Text:Date
Journal Entry with description
Space for Calcs (if you want)
April 2
April 4
April 5
April 6
April 10
April 12
April 17
April 25
April 29
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