P5.4 (LO 2, 3, 4) J. Zheng, a former professional Yalong River Resort. At the beginning of the current season, the ledger of Zheng's Tenis Shop showed Cash V2,200, Inventory V1,800, and Share Capital-Ordinary V4,000, The following transactions were completed during April. Apr. 4 Purchased racquets and balls from Jay-Mac Ltd. Y760, FOB shipping point, terms 2/10, pa0 Paid freight on purchase from Jay-Mac V40. Sold merchandise to members VI,150, terms n/30. The merchandise sold had a cost 8 of Y790. that was returned.
P5.4 (LO 2, 3, 4) J. Zheng, a former professional Yalong River Resort. At the beginning of the current season, the ledger of Zheng's Tenis Shop showed Cash V2,200, Inventory V1,800, and Share Capital-Ordinary V4,000, The following transactions were completed during April. Apr. 4 Purchased racquets and balls from Jay-Mac Ltd. Y760, FOB shipping point, terms 2/10, pa0 Paid freight on purchase from Jay-Mac V40. Sold merchandise to members VI,150, terms n/30. The merchandise sold had a cost 8 of Y790. that was returned.
P5.4 (LO 2, 3, 4) J. Zheng, a former professional Yalong River Resort. At the beginning of the current season, the ledger of Zheng's Tenis Shop showed Cash V2,200, Inventory V1,800, and Share Capital-Ordinary V4,000, The following transactions were completed during April. Apr. 4 Purchased racquets and balls from Jay-Mac Ltd. Y760, FOB shipping point, terms 2/10, pa0 Paid freight on purchase from Jay-Mac V40. Sold merchandise to members VI,150, terms n/30. The merchandise sold had a cost 8 of Y790. that was returned.
Transcribed Image Text:300
b. Journalize the adjusting entries thit
e. Journalize the closing entries that are necessary.
pare a trial
Cash V2,200, Inventory ¥1,800, and Share Capital-Ordinary ¥4,000. The following transactionse
completed during April.
Purchased racquets and balls from Jay-Mac Ltd. ¥760, FOB shipping point, terms 2/10 pao
6
Apr. 4
Paid freight on purchase from Jay-Mac ¥40.
Sold merchandise to members ¥I,150, terms n/30. The merchandise sold had a cost
of ¥790.
Received credit of ¥60 from Jay-Mac for a racquet that was returned.
Purchased tennis shoes from Li Sports for cash, ¥420.
13
10
11
Paid Jay-Mac in full.
Purchased tennis shirts and shorts from Everett Sportswear ¥800, FOB shipping point, terme
14
3/10, n/60.
Received cash refund of ¥50 from Li Sports for damaged merchandise that was returned.
Paid freight on Everett Sportswear purchase ¥30.
18
15
17
Sold merchandise to members ¥980, terms n/30. The cost of the merchandise sold
was ¥520.
Received V600 in cash from members in settlement of their accounts.
Paid 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.
20
21
27
30
The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 Accounts
Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, No. 401
Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold.
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 JI for the
journal reference.)
c. Prepare a trial balance on April 30, 2020.
Transcribed Image Text:Purchased tennis shirts and shorts from Everett Sportswear ¥800, FOB shipping point, terms
b. Enter the beginning balances in the ledger accounts and post the April transactions. (Use Jl kor
Received cash refund of Y50 from Li Sports for damaged merchandise that was returned
Sold merchandise to members ¥980, terms n/30. The cost of the merchandise sold
Granted an allowance of V40 to members for tennis clothing that did not fit properly.
Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, /
Paid freight on Everett Sportswear purchase ¥30. g 81 lhgA no dgion bist
are a trial
Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold.
The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 Accu
ouwollA bns
P5.4 (LO 2, 3, 4) J. Zheng, a former professional tennis star, operates Zheng's Tennis Shop at the
Yalong River Resort. At the beginning of the current season, the ledger of Zheng's Tennis Shop showed
Cash ¥2,200, Inventory ¥1,800, and Share Capital-Ordinary ¥4,000. The following transactions were
completed during April.
llaW moil muooon no oeibnudbom boarn
blda
R On
Purchased racquets and balls from Jay-Mac Ltd. Y¥760, FOB shipping point, terms 2/10, n/30.
Paid freight on purchase from Jay-Mac Y40.
8
Apr. 4
alas lingA no Idgionl 0AS9 bis
Sold merchandise to members ¥1,150, terms n/30. The merchandise sold had a cost
of Y790.
Inuooaib aol llut ni vigqu 15llaW bir
Received credit of Y60 from Jay-Mac for a racquet that was returned.
Purchased tennis shoes from Li Sports for cash, ¥420.
Paid Jay-Mac in full.
10
11
13
14
3/10, n/60.ie BOA.002
15
wanlD nimins.mol.palbmarioom boRa
17
18
was Y520.
Received Y600 in cash from members in settlement of their accounts.
Paid Everett Sportswear in full.
20
21
27
30
Received cash payments on account from members, Y820.
r-blo
00013
Na
lo le aoe la
Instructions
a. Journalize the April transactions using a perpetual inventory system.
journal reference.)
c. Prepare a trial balance on April 30, 2020.
30
yele beginning
•P5.5 (LO 4. 5. 6) TI
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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