How to record the April transactions using perpetual inventory system (a) & (b)Enter the beginning balances in the summary and record the April transactions using a perpetual inventory system. Includemargin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding thenumber e.g. -45 or parentheses e.g. (45).)AssetsLiabilitieAccts. Rec.Inv.Accts. PaCashasearchhpitt. Current Attempt in ProgressAt the beginning of the current season on April 1, the records of Monty Pro Shop showed Cash $3,240, Inventory $3,500, andCommon Stock $6,740. The following transactions occurred during April 2022.Apr. 5Purchased golf bags, clubs, and balls on account from Blossom Co. $1,800.6.Received credit from Blossom Co. for merchandise returned $400.10Sold merchandise on account to members $1.320. The merchandise sold had a cost of $810.12Purchased golf shoes, sweaters, and other accessories on account from Crane Sportswear $1,050.14Paid Blossom Co. in full.17Received credit from Crane Sportswear for merchandise returned $50.20Made sales on account to members $900. The cost of merchandise sold was $550.21Paid Crane Sportswear in full.30Received payments on account from members $1,210.(a) & (b)

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Description: How to record the April transactions using perpetual inventory system (a) & (b)Enter the beginning balances in the summary and record the April transactions using a perpetual inventory system. Includemargin explanations for the changes in revenues an

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Purchased golf bags, clubs, and balls on account from Blossom Co. $1,800. Received credit from Blossom Co. for merchandise returned $400. Apr. 5 9. 10 Sold merchandise on account to members $1,320. The merchandise sold had a cost of $810. 12 Purchased golf shoes, sweaters, and other accessories on account from Crane Sportswear $1,050. 14 Paid Blossom Co. in full. 17 Received credit from Crane Sportswear for merchandise returned $50. 20 Made sales on account to members $90O. The cost of merchandise sold was $550. 21 Paid Crane Sportswear in full. 30 Received payments on account from members $1,210.

Purchased golf bags, clubs, and balls on account from Blossom Co. $1,800. Received credit from Blossom Co. for merchandise returned $400. Apr. 5 9. 10 Sold merchandise on account to members $1,320. The merchandise sold had a cost of $810. 12 Purchased golf shoes, sweaters, and other accessories on account from Crane Sportswear $1,050. 14 Paid Blossom Co. in full. 17 Received credit from Crane Sportswear for merchandise returned $50. 20 Made sales on account to members $90O. The cost of merchandise sold was $550. 21 Paid Crane Sportswear in full. 30 Received payments on account from members $1,210.

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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