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At the beginning of the current season on April 1, the records of Ayayai Pro Shop showed Cash $2,950, Inventory $3,500, and Common Stock $6,450. The following transactions occurred during April 2017. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $2,500. 9 Received credit from Arnie Co. for merchandise returned $700. 10 Sold merchandise on account to members $1,340. The merchandise sold had a cost of $920. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,050. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $50. 20 Made sales on account to members $910. The cost of merchandise sold was $550. 21 Paid Woods Sportswear in full. 30 Received payments on account from members $1,400. Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sale Returns and Allowances, and Cost of Goods Sold. Enter the beginning balances in the summary. Assets Bal. Apr. 1 Cash + Accts. Rec. + Inv. M Liabilities Stockholders' Equity Accts. Pay. + Common Stock + Retained Earnings Rev. Exp.

At the beginning of the current season on April 1, the records of Ayayai Pro Shop showed Cash $2,950, Inventory $3,500, and Common Stock $6,450. The following transactions occurred during April 2017. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $2,500. 9 Received credit from Arnie Co. for merchandise returned $700. 10 Sold merchandise on account to members $1,340. The merchandise sold had a cost of $920. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,050. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $50. 20 Made sales on account to members $910. The cost of merchandise sold was $550. 21 Paid Woods Sportswear in full. 30 Received payments on account from members $1,400. Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sale Returns and Allowances, and Cost of Goods Sold. Enter the beginning balances in the summary. Assets Bal. Apr. 1 Cash + Accts. Rec. + Inv. M Liabilities Stockholders' Equity Accts. Pay. + Common Stock + Retained Earnings Rev. Exp.

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 records of Ayayai Pro Shop showed Cash $2,950, Inventory $3,500, and Common Stock $6,450. The following transactions occurred during April 2017. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $2,500. 9 Received credit from Arnie Co. for merchandise returned $700. 10 Sold merchandise on account to members $1,340. The merchandise sold had a cost of $920. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,050. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $50. 20 Made sales on account to members $910. The cost of merchandise sold was $550. 21 Paid Woods Sportswear in full. 30 Received payments on account from members $1,400. Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, and Cost of Goods Sold. Enter the beginning balances in the summary. Assets Bal. Apr. 1 $ Cash + Accts. Rec. + Inv. M Liabilities Stockholders' Equity Accts. Pay. + Common Stock + Retained Earnings Exp. Rev.
Transcribed Image Text:At the beginning of the current season on April 1, the records of Ayayai Pro Shop showed Cash $2,950, Inventory $3,500, and Common Stock $6,450. The following transactions occurred during April 2017. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $2,500. 9 Received credit from Arnie Co. for merchandise returned $700. 10 Sold merchandise on account to members $1,340. The merchandise sold had a cost of $920. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,050. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $50. 20 Made sales on account to members $910. The cost of merchandise sold was $550. 21 Paid Woods Sportswear in full. 30 Received payments on account from members $1,400. Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, and Cost of Goods Sold. Enter the beginning balances in the summary. Assets Bal. Apr. 1 $ Cash + Accts. Rec. + Inv. M Liabilities Stockholders' Equity Accts. Pay. + Common Stock + Retained Earnings Exp. Rev.
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