Journalize the April transactions using a perpetual inventory system. 7 V0♥0 ✓1 VAccounts PayableCashInventoryAccounts PayableInventoryAccounts ReceivableSales Revenue(To record credit sale)Cost of Goods SoldInventory(To record cost of goods sold)Accounts PayableCashInventory1,74660810550693[DOLU JEUDOLO At the beginning of the current season on April 1, the ledger of Crane Pro Shop showed Cash $3,280, Inventory $3,500, and CommonStock $6,780. The following transactions were completed during April 2025.Apr. 5791012141720212730Purchased golf bags, clubs, and balls on account from Arnie Co. $2,000, terms 3/10, n/60.Paid freight on Arnie purchase $80.Received credit from Arnie Co. for merchandise returned $200.Sold merchandise on account to members $1,220, terms n/30. The merchandise sold had a cost of $770.Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $760, terms 1/10, n/30.Paid Arnie Co. in full.Received credit from Woods Sportswear for merchandise returned $60.Made sales on account to members $810, terms n/30. The cost of the merchandise sold was $550.Paid Woods Sportswear in full.Granted an allowance to members for clothing that did not fit properly $90.Received payments on account from members $1,250.

Answered: At the beginning of the current season…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Journalize the April transactions using a perpetual inventory system.

7 V
0♥
0 ✓
1 V
Accounts Payable
Cash
Inventory
Accounts Payable
Inventory
Accounts Receivable
Sales Revenue
(To record credit sale)
Cost of Goods Sold
Inventory
(To record cost of goods sold)
Accounts Payable
Cash
Inventory
1,746
60
810
550
693
[DOLU JEUDOLO

At the beginning of the current season on April 1, the ledger of Crane Pro Shop showed Cash $3,280, Inventory $3,500, and Common
Stock $6,780. The following transactions were completed during April 2025.
Apr. 5
7
9
10
12
14
17
20
21
27
30
Purchased golf bags, clubs, and balls on account from Arnie Co. $2,000, terms 3/10, n/60.
Paid freight on Arnie purchase $80.
Received credit from Arnie Co. for merchandise returned $200.
Sold merchandise on account to members $1,220, terms n/30. The merchandise sold had a cost of $770.
Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $760, terms 1/10, n/30.
Paid Arnie Co. in full.
Received credit from Woods Sportswear for merchandise returned $60.
Made sales on account to members $810, terms n/30. The cost of the merchandise sold was $550.
Paid Woods Sportswear in full.
Granted an allowance to members for clothing that did not fit properly $90.
Received payments on account from members $1,250.

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Step 1

A perpetual inventory system is a program that continuously estimates your inventory based on your electronic records, not a physical inventory. This system starts with the baseline from a physical count and updates based on purchases made in and shipments made out.

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