### Financial Worksheet TemplateThis template is designed for educational purposes to help students understand the categorization of financial transactions in a business setting. It covers several key areas in accounting, including cash management, accounts receivable, inventory, accounts payable, common stock, sales revenue, sales returns and allowances, and the cost of goods sold. Each section features a series of dropdown menus and input fields for categorizing and entering relevant financial data.#### Sections:1. **Cash** - This section allows for input related to cash transactions. There are dropdown menus and input fields to record multiple entries.2. **Accounts Receivable** - For tracking money owed by customers. Enter each receivable amount and use dropdown menus to select specific details or categories.3. **Inventory** - This section is dedicated to recording inventory levels and values. Multiple entries can be managed through the dropdowns and text fields.4. **Accounts Payable** - To track obligations or money the company owes to suppliers and vendors. Input fields and dropdowns help manage each payable item.5. **Common Stock** - Record transactions related to the issuance or repurchase of common stock. Suitable for managing equity transactions.6. **Sales Revenue** - Capture all revenue-generating activities. The layout supports multiple entries for sales data.7. **Sales Returns and Allowances** - Record any returns or allowances granted. Helps in accurately reflecting net sales.8. **Cost of Goods Sold (COGS)** - This section tracks the direct costs attributable to the production of goods sold by the company. Each section features:- **Dropdown Menus:** Allow users to classify the entries under different categories.- **Input Fields:** Spaces to enter specific transaction details, amounts, dates, or other relevant data.This template can be used by students to practice entering and organizing financial data, offering a hands-on approach to learning accounting principles. The structure ensures all critical areas of financial transactions are covered, promoting a thorough understanding of business finances. 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 $6,600. The following transactions were completed during April 2022.**Transactions for April 2022:**- **Apr. 5**: Purchased golf bags, clubs, and balls on account from Arnie Co. for $2,600, terms 3/10, n/60.- **Apr. 7**: Paid freight on Arnie purchase for $80.- **Apr. 9**: Received credit from Arnie Co. for merchandise returned worth $700.- **Apr. 10**: Sold merchandise on account to members for $1,470, terms n/30. The merchandise sold had a cost of $840.- **Apr. 12**: Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear for $950, terms 2/10, n/30.- **Apr. 14**: Paid Arnie Co. in full.- **Apr. 17**: Received credit from Woods Sportswear for merchandise returned worth $50.- **Apr. 20**: Made sales on account to members for $820, terms n/30. The cost of the merchandise sold was $550.- **Apr. 21**: Paid Woods Sportswear in full.- **Apr. 27**: Granted an allowance to members for clothing that did not fit properly totaling $70.- **Apr. 30**: Received payments on account from members for $1,180.Each transaction involves different activities such as purchasing goods, paying freight, making sales, and handling returns or allowances. Terms of sale, credits received, and payments made are clearly described.

Solution: Cash Apr. 1 $3,100 Apr. 7 $80 Apr. 30 $1,180 Apr. 14 $1,843 Apr. 21…

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 $6,600. The following transactions were completed during 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; and Common Stock $6,600. The following transactions were completed during April 2022.

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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