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At the beginning of the current season on April 1, the ledger of Wildhorse Pro Shop showed Cash $3,210, Inventory $3,500, and Common Stock $6.710. The following transactions were completed during April 2025. Apr. 5 7 9 10 12 14 17 20 21 27 30 Date Purchased golf bags, clubs, and balls on account from Arnie Co. $1,400, terms 3/10, n/60. Paid freight on Arnie purchase $80. Received credit from Arnie Co. for merchandise returned $300. Sold merchandise on account to members $1,270, terms n/30. The merchandise sold had a cost of $910. Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1.060, terms 2/10, n/30. Paid Arnie Co. in full. Received credit from Woods Sportswear for merchandise returned $60. Made sales on account to members $800, 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 $1,120. Account Titles and Explanation Debit Credit

At the beginning of the current season on April 1, the ledger of Wildhorse Pro Shop showed Cash $3,210, Inventory $3,500, and Common Stock $6.710. The following transactions were completed during April 2025. Apr. 5 7 9 10 12 14 17 20 21 27 30 Date Purchased golf bags, clubs, and balls on account from Arnie Co. $1,400, terms 3/10, n/60. Paid freight on Arnie purchase $80. Received credit from Arnie Co. for merchandise returned $300. Sold merchandise on account to members $1,270, terms n/30. The merchandise sold had a cost of $910. Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1.060, terms 2/10, n/30. Paid Arnie Co. in full. Received credit from Woods Sportswear for merchandise returned $60. Made sales on account to members $800, 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 $1,120. Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
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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At the beginning of the current season on April 1, the ledger of Wildhorse Pro Shop showed Cash $3,210, Inventory $3,500, and Common Stock $6.710. The following transactions were completed during April 2025. Apr. 5 7 9 10 12 14 17 20 21 27 30 Date Apr.5 Apr. 7 Apr. 9 Apr. 10 Apr. 10 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,400, terms 3/10, n/60. Paid freight on Arnie purchase $80. Received credit from Arnie Co. for merchandise returned $300. Sold merchandise on account to members $1,270, terms n/30. The merchandise sold had a cost of $910. * Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,060, terms 2/10, n/30. Paid Arnie Co. in full. Received credit from Woods Sportswear for merchandise returned $60. Made sales on account to members $800, 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 $1,120. v Account Titles and Explanation Inventory Accounts Payable Inventory Cash; Accounts Payable Inventory Accounts Receivable Sales Revenue (To record credit sale) Cost of Goods Sold Debit 1400 80 300 1270 910 + Credit 1400 80 300 1270 910
Transcribed Image Text:At the beginning of the current season on April 1, the ledger of Wildhorse Pro Shop showed Cash $3,210, Inventory $3,500, and Common Stock $6.710. The following transactions were completed during April 2025. Apr. 5 7 9 10 12 14 17 20 21 27 30 Date Apr.5 Apr. 7 Apr. 9 Apr. 10 Apr. 10 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,400, terms 3/10, n/60. Paid freight on Arnie purchase $80. Received credit from Arnie Co. for merchandise returned $300. Sold merchandise on account to members $1,270, terms n/30. The merchandise sold had a cost of $910. * Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,060, terms 2/10, n/30. Paid Arnie Co. in full. Received credit from Woods Sportswear for merchandise returned $60. Made sales on account to members $800, 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 $1,120. v Account Titles and Explanation Inventory Accounts Payable Inventory Cash; Accounts Payable Inventory Accounts Receivable Sales Revenue (To record credit sale) Cost of Goods Sold Debit 1400 80 300 1270 910 + Credit 1400 80 300 1270 910
Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 20 Cash Inventory (To record cost of goods sold) Common Stock Sales Revenue Inventory Accounts Payable Total Accounts Payable Cash Inventory Accounts Payable Inventory Accounts Receivable Accounts Receivable Sales Revenue (To record credit sale) Cost of Goods Sold Cost of Goods Sold Sales Returns and Allowances WILDHORSE PRO SHOP Trial Balance For the Year Ended April 30, 2025 Debit 1060 800 60 800 550 $ Creckt 1060 800 60 800
Transcribed Image Text:Apr. 12 Apr. 14 Apr. 17 Apr. 20 Apr. 20 Cash Inventory (To record cost of goods sold) Common Stock Sales Revenue Inventory Accounts Payable Total Accounts Payable Cash Inventory Accounts Payable Inventory Accounts Receivable Accounts Receivable Sales Revenue (To record credit sale) Cost of Goods Sold Cost of Goods Sold Sales Returns and Allowances WILDHORSE PRO SHOP Trial Balance For the Year Ended April 30, 2025 Debit 1060 800 60 800 550 $ Creckt 1060 800 60 800
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