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Pina Hagen, a former disc golf star, operates Pina's Discorama. At the beginning of the current season on April 1, the ledger of Pina's Discorama showed Cash $1,900, Inventory $2,300, and Owner's Capital $4,200. The following transactions were completed during April. Apr. 5 7 9 12 14 17 21 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,150, FOB shipping point, terms 2/10, n/60. Paid freight on the Mumford Co. purchase $40. Received credit from Mumford Co. for merchandise returned $200. Purchased disc golf shirts and other accessories on account from Saucer Sportswear $550, terms 1/10, n/30. Paid Mumford Co. in full, less discount. Received credit from Saucer Sportswear for merchandise returned $50. Paid Saucer Sportswear in full, less discount.

Pina Hagen, a former disc golf star, operates Pina's Discorama. At the beginning of the current season on April 1, the ledger of Pina's Discorama showed Cash $1,900, Inventory $2,300, and Owner's Capital $4,200. The following transactions were completed during April. Apr. 5 7 9 12 14 17 21 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,150, FOB shipping point, terms 2/10, n/60. Paid freight on the Mumford Co. purchase $40. Received credit from Mumford Co. for merchandise returned $200. Purchased disc golf shirts and other accessories on account from Saucer Sportswear $550, terms 1/10, n/30. Paid Mumford Co. in full, less discount. Received credit from Saucer Sportswear for merchandise returned $50. Paid Saucer Sportswear in full, less discount.

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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Pina Hagen, a former disc golf star, operates Pina's Discorama. At the beginning of the current season on April 1, the ledger of Pina's Discorama showed Cash $1,900, Inventory $2,300, and Owner's Capital $4,200. The following transactions were completed during April. Apr. 5 7 9 12 14 17 21 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,150, FOB shipping point, terms 2/10, n/60. Paid freight on the Mumford Co. purchase $40. Received credit from Mumford Co. for merchandise returned $200. Purchased disc golf shirts and other accessories on account from Saucer Sportswear $550, terms 1/10, n/30. Paid Mumford Co. in full, less discount. Received credit from Saucer Sportswear for merchandise returned $50. Paid Saucer Sportswear in full, less discount.
Transcribed Image Text:Pina Hagen, a former disc golf star, operates Pina's Discorama. At the beginning of the current season on April 1, the ledger of Pina's Discorama showed Cash $1,900, Inventory $2,300, and Owner's Capital $4,200. The following transactions were completed during April. Apr. 5 7 9 12 14 17 21 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,150, FOB shipping point, terms 2/10, n/60. Paid freight on the Mumford Co. purchase $40. Received credit from Mumford Co. for merchandise returned $200. Purchased disc golf shirts and other accessories on account from Saucer Sportswear $550, terms 1/10, n/30. Paid Mumford Co. in full, less discount. Received credit from Saucer Sportswear for merchandise returned $50. Paid Saucer Sportswear in full, less discount.
Date Apr. 5 Apr. 9 Apr. 12 Apr. 14 Apr. 17 Apr. 21 Explanation Ref. J1 J1 J1 J1 J1 J1 Accounts Payable Debit 200 950 50 500 Credit 1150 550 Balance No. 20 1150
Transcribed Image Text:Date Apr. 5 Apr. 9 Apr. 12 Apr. 14 Apr. 17 Apr. 21 Explanation Ref. J1 J1 J1 J1 J1 J1 Accounts Payable Debit 200 950 50 500 Credit 1150 550 Balance No. 20 1150
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