### Journal Entry TemplateThis is a template commonly used in accounting to record financial transactions. Below is a detailed explanation of each section:#### DateA dropdown menu is present at the front end to select the specific date when the transaction occurs.#### Account Titles and ExplanationThis section includes two parts:- **Account Titles**: The specific accounts that are impacted by the transaction. Every transaction will generally affect at least two accounts, following the double-entry accounting system.- **Explanation**: A brief description of the transaction. For example, "To record credit sale" or "To record cost of goods sold."#### Debit and CreditEach row includes two columns for input:- **Debit**: The monetary value that is debited from an account.- **Credit**: The monetary value that is credited to an account.Below each section, there is a dedicated space for writing explanatory notes. For instance, below the rows with input boxes, you will see explanations such as "(To record credit sale)" and "(To record cost of goods sold)." These notes explicitly describe the nature and reason behind the entries.### StructureThe table structure is designed for simplicity:- Multiple rows provide space to input numerous transactions.- Each transaction is usually entered in two rows: the first for the primary transaction (e.g., credit sale) and the second for the corresponding adjustment or consequence (e.g., cost of goods sold).This template ensures clarity and accuracy, adhering to accounting principles. The layout helps clearly differentiate between debits and credits and maintains meticulous records for financial analysis and reporting. ### Financial Transactions of Sunland Pro Shop for April 2022**At the beginning of the current season on April 1, the ledger of Sunland Pro Shop showed:**- Cash: $3,100- Inventory: $3,500- Common Stock: $6,600The following transactions were completed during April 2022:#### Detailed Transactions:**April 5**- Purchased golf bags, clubs, and balls on account from Arnie Co. - Amount: $2,600 - Payment Terms: 3/10, n/60**April 7**- Paid freight on purchase from Arnie Co. - Amount: $80**April 9**- Received credit from Arnie Co. for merchandise returned. - Amount: $700**April 10**- Sold merchandise on account to members. - Amount: $1,470 - Payment Terms: n/30 - Cost of Merchandise Sold: $840**April 12**- Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear. - Amount: $950 - Payment Terms: 2/10, n/30**April 14**- Paid Arnie Co. in full.**April 17**- Received credit from Woods Sportswear for merchandise returned. - Amount: $50**April 20**- Made sales on account to members. - Amount: $820 - Payment Terms: n/30 - Cost of Merchandise Sold: $550**April 21**- Paid Woods Sportswear in Full.**April 27**- Granted an allowance to members for clothing that did not fit properly. - Amount: $70**April 30**- Received payments on account from members. - Amount: $1,180This summary provides a detailed account of the financial activities for Sunland Pro Shop in April 2022, showcasing purchases, sales, returns, payments, and credits.

Journal entries signifies the primary reporting of the transactions in the books of accounts.

At the beginning of the current season on April 1, the ledger of Sunland Pro Shop showed Cash $3,100; Inventory $3.500; and Common Stock S6,600. The following transactions were completed during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. S2.600, terms 3/10, n/60. 7 Paid freight on Arnie purchase S80. 9 Received credit from Arnie Co. for merchandise returned $700. 10 Sold merchandise on account to members $1,470, terms n/30. The merchandise sold had a cost of $840. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $950, terms 2/10, n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $50. 20 Made sales on account to members $820, terms /30. The cost of the merchandise sold was $550. Paid Woods Sportswear in full. 21 27 Granted an allowance to members for clothing that did not fit properly $70. 30 Received payments on account from members $1,180.

At the beginning of the current season on April 1, the ledger of Sunland Pro Shop showed Cash $3,100; Inventory $3.500; and Common Stock S6,600. The following transactions were completed during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. S2.600, terms 3/10, n/60. 7 Paid freight on Arnie purchase S80. 9 Received credit from Arnie Co. for merchandise returned $700. 10 Sold merchandise on account to members $1,470, terms n/30. The merchandise sold had a cost of $840. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $950, terms 2/10, n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $50. 20 Made sales on account to members $820, terms /30. The cost of the merchandise sold was $550. Paid Woods Sportswear in full. 21 27 Granted an allowance to members for clothing that did not fit properly $70. 30 Received payments on account from members $1,180.

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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