At the beginning of the current season on April 1, the ledger of Granite Hills P

Question

At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $ 3,010; Inventory $ 4,010;and Common Stock $ 7,020. The following transactions occurred during April 2017. Apr. Purchased golf bags, clubs, and balls on account fr om Arnie Co.$ 1,530, terms 4/10,n/60. 7 9 10 12 Paid freight on Arnie Co. purchases $ 82 Received credit from Arnie Co. for merchandise returned $ 230. Sold merchandise on account to members $ 1,367, terms n/30. Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $ 847, terms 2/10, n/30. Paid Arnie Co. in full. 14 Made sales on account to members $ 826, terms n/30. Paid Woods Sportswear in full. 20 21

Explanation / Answer

Particulars Dr Cr Cash(3010-82-1300-800+1244) 2072 Inventory(4010+1530-230-1367+847-47-826+82) 3999 Coomon Stock(7020-82) 6938 A/C payable (1530-230+847-1300-47-800) 0 A/C receiveable(1367+826-82-1244) 867 Total 6938 6938

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