At the beginning of the current season on April 1, the ledger of Pina Colada Corp. Shop showed Cash $2.000, Inventory $2,500, am Common Stock $4,500. The following transactions were completed during April 2022. Apr. 5 7 9 10 12 14 17 20 21 27 30 Purchased golf discs, bags, and other inventory on account from Arnie Co. $1,150, FOB shipping point, terms 2/10, na Paid freight on the Arnie purchase $40. Received credit from Arnie Co. for merchandise returned $100. Sold merchandise on account to members for $830, terms n/30. The merchandise sold had a cost of $498. Purchased disc golf shirts and other accessories on account from Woods Sportswear $570, terms 1/10, n/30. Paid Arnie Co. in full, less discount. Received credit from Woods Sportswear for merchandise returned $70. Made sales on account to members for $660, terms n/30. The cost of the merchandise sold was $350. Paid Woods Sportswear in full, less discount. Granted an allowance to members for clothing that did not fit $30. Received payments on account from members $950.
At the beginning of the current season on April 1, the ledger of Pina Colada Corp. Shop showed Cash $2.000, Inventory $2,500, am Common Stock $4,500. The following transactions were completed during April 2022. Apr. 5 7 9 10 12 14 17 20 21 27 30 Purchased golf discs, bags, and other inventory on account from Arnie Co. $1,150, FOB shipping point, terms 2/10, na Paid freight on the Arnie purchase $40. Received credit from Arnie Co. for merchandise returned $100. Sold merchandise on account to members for $830, terms n/30. The merchandise sold had a cost of $498. Purchased disc golf shirts and other accessories on account from Woods Sportswear $570, terms 1/10, n/30. Paid Arnie Co. in full, less discount. Received credit from Woods Sportswear for merchandise returned $70. Made sales on account to members for $660, terms n/30. The cost of the merchandise sold was $350. Paid Woods Sportswear in full, less discount. Granted an allowance to members for clothing that did not fit $30. Received payments on account from members $950.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishu
Transcribed Image Text:Current Attempt in Progress
At the beginning of the current season on April 1, the ledger of Pina Colada Corp. Shop showed Cash $2,000, Inventory $2,500, and
Common Stock $4,500. The following transactions were completed during April 2022.
Apr. 5
7
9
10
12
14
17
20
21
27
30
Purchased golf discs, bags, and other inventory on account from Arnie Co. $1,150, FOB shipping point, terms 2/10, n/60.
Paid freight on the Arnie purchase $40.
Received credit from Arnie Co. for merchandise returned $100.
Sold merchandise on account to members for $830, terms n/30. The merchandise sold had a cost of $498.
Purchased disc golf shirts and other accessories on account from Woods Sportswear $570, terms 1/10, n/30.
Paid Arnie Co. in full, less discount.
Received credit from Woods Sportswear for merchandise returned $70.
Made sales on account to members for $660, terms n/30. The cost of the merchandise sold was $350.
Paid Woods Sportswear in full, less discount.
Granted an allowance to members for clothing that did not fit $30.
Received payments on account from members $950.
Transcribed Image Text:The chart of accounts for the store includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201
Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods
Sold.
(a)
Journalize the April transactions using a perpetual inventory system. (Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for
the amounts. Record journal entries in the order presented in the problem.)
Account Titles and Explanation
Date
O
Debit
Credit
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