Question 2 At the beginning f the current season on April 1 the ledger of Granit

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Question 2 At the beginning f the current season on April 1 the ledger of Granite Hills Pro Sho showed Cash S 3090; Inventory $4 and Common Stock A8 The 1 ngtransactions occurred ur pri 1 Apr.5 Purchased golf bags, clubs, and balls on accountfrom Anie Co. 1/0. terms 3V10, n60. 7 Paid freight on Arnie Co. purchases S 94. merchandise returned $470. 9 Received credit from Arnie Co. for 10 Sold merchandise on account to mambers $1,581,terms n/30. 12 Purchased Rolf shoes, sweaters, and other accessories on account from Woods Sportswear $979,terms 2/10,nv/30 14 Paid Arnic Co, in full. 17 Reccived credit from Woods Sportswcar for marchandisc rcturned $ 179 20 Madesales on account to mcmbers $ 956, terms n/30 21 Paid Woods Sportswcar in full. 27 Granted credit to members for clothing that did not fit properly $94 30 Rereived payments on account from members 5 1,440 urnalize the April transactions using a periccdic: inventory system.(If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit account tities are autormatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the probiem. Round answers to O decimal places, es 5,275) Date Account Titles and Explanation Credit

Explanation / Answer

hope this much helps/

Journal entries Date Account Title Debit Credit 05-Apr Inventory $1,770.00     Accounts Payable $1,770.00 (inventory Purchased) 07-Apr Inventory $     94.00     Cash $     94.00 (Freight paid on Purchases) 09-Apr Accounts Payable $   470.00    Inventory-    Purchase Return $   470.00 (purchase return recorded) 10-Apr Accounts Receivable $1,581.00           Sales $1,581.00 (merchandise sold) Cost of Goods Sold Inventory (to record COGS) 12-Apr Inventory $   979.00     Accounts Payable $   979.00 (inventory Purchased) 14-Apr Accounts Payable $1,770.00              cash $1,716.90               Discount received $     53.10 (cash paid to creditor) 17-Apr Accounts Payable $   179.00    Inventory-    Purchase Return $   179.00 (purchase return recorded) 20-Apr Accounts Receivable $   956.00           Sales $   956.00 (merchandise sold) Cost of Goods Sold Inventory (to record COGS) 21-Apr Accounts Payable $   979.00              cash $   959.42               Discount received $     19.58 27-Apr Inventory-Purchase return $     94.00              cash $     94.00 (to record purchase return) 30-Apr cash $1,440.00           Accounts Receivable $1,440.00

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