b. Journalize the adjusting entries thatc. Journalize the closing entries that are necessary.pare a trialcompleted during April.Purchased racquets and balls from Jay-Mac Ltd. ¥760, FOB shipping point, terms 2/10 péoPaid freight on purchase from Jay-Mac ¥40.8Apr.4Sold merchandise to members ¥1,150, terms n/30. The merchandise sold had a costof ¥790.6.Received credit of ¥60 from Jay-Mac for a racquet that was returned.Purchased tennis shoes from Li Sports for cash, ¥420.Paid Jay-Mac in full.Purchased tennis shirts and shorts from Everett Sportswear ¥800, FOB shipping point, terms3/10, n/60.Received cash refund of ¥50 from Li Sports for damaged merchandise that was returnedPaid freight on Everett Sportswear purchase ¥30.18101113141517Sold merchandise to members ¥980, terms n/30. The cost of the merchandise soldwas ¥520.20Received ¥600 in cash from members in settlement of their accounts.21Paid Everett Sportswear in full.Granted an allowance of ¥40 to members for tennis clothing that did not fit properly.Received cash payments on account from members, ¥820.2730The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 AccountsReceivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold.Instructionsa. Journalize the April transactions using a perpetual inventory system.b. Enter the beginning balances in the ledger accounts and post the April transactions. (Use J1 for thejournal reference.)c. Prepare a trial balance on April 30, 2020.

Name: b. Journalize the adjusting entries thatc. Journalize the closing ent
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Description: b. Journalize the adjusting entries thatc. Journalize the closing entries that are necessary.pare a trialcompleted during April.Purchased racquets and balls from Jay-Mac Ltd. ¥760, FOB shipping point, terms 2/10 péoPaid freight on purchase from Jay-

FOB: FOB stands for free on board. It reflects the person who is liable for the goods that are…

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Instructions a. Journalize the April transactions using a perpetual inventory system. b. Enter the beginning balances in the ledger accounts and post the April transactions. (Use J1 for the journal reference.) c. Prepare a trial balance on April 30, 2020.

Instructions a. Journalize the April transactions using a perpetual inventory system. b. Enter the beginning balances in the ledger accounts and post the April transactions. (Use J1 for the journal reference.) c. Prepare a trial balance on April 30, 2020.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 1CP

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