At the beginning of the current season on April 1, the ledger of Flint Hills Pro

Question

At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $2,660; Inventory $3,500; and Common Stock $6,160. The following transactions were completed during April 2014.

Problem 5-3A April 2014. Apr. 5 Purchased golf bags, clubs, and balls on account from Akers Co. $1,400, terms 2/10, n/60 At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $2,660; Inventory $3,500; and Common Stock $6,160. The following transactions were completed during At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $2,660; Inventy$3,500 and Common Stock $6,160. The following transactions were completed during 7 9 10 12 14 17 Paid freight on Akers purchase $80. Received credit from Akers Co. for merchandise returned $600. Sold merchandise on account to members $1,460, terms n/30. The merchandise sold had a cost of $780 Purchased golf shoes, sweaters, and other accessories on account from Palmer Sportswear $920, terms 1/10, n/30. Paid Akers Co. in full. Received credit from Palmer Sportswear for merchandise returned $120. Made sales on account to members $960, terms n/30. The cost of the merchandise sold was Paid Palmer Sportswear in full. Granted an allowance to members for clothing that did not fit properly $70 Received payments on account from members $1,100 17 20 21 27 30 550

Explanation / Answer

Date

Account Titles and Explanation

Debit

Credit

Apr. 5

Merchandise inventory

$ 1,400

Accounts Payable

$ 1,400

Apr. 7

Merchandise inventory

$ 80

Cash

$ 80

Apr. 9

Accounts Payable

$ 600

Merchandise inventory

$ 600

Apr. 10

Accounts Receivable

$ 1,460

Sales

$ 1,460

Cost of goods sold

$ 780

Merchandise inventory

$ 780

Apr. 12

Merchandise inventory

$ 920

Accounts Payable

$ 920

Apr. 14

Accounts Payable ($1,400 – $600)

$ 800

Merchandise inventory ($1,300 * 2%)

$ 26

Cash

$ 774

Apr. 17

Accounts Payable

$ 120

Merchandise inventory

$ 120

Apr. 20

Accounts receivable

$ 960

Sales

$ 960

Cost of goods sold

$ 550

Merchandise inventory

$ 550

Apr. 21

Accounts Payable ($920 – $120)

$ 800

Merchandise inventory ($800 * 1%)

$ 8

Cash

$ 792

27Apr.

Sales Returns and Allowances

$ 70

Accounts Receivable

$ 70

30

Cash

$ 1,100

Accounts Receivable

$ 1,100

FLINT HILLS PRO SHOP

TRIAL BALANCE

APRIL 30, 2014

Debit

Credit

Cash

$ 2,114

Accounts Receivable

$ 1,250

Merchandise Inventory

$ 3,816

Accounts payable

$ 0

Common Stock

$ 6,160

Sales

$ 2,420

Sales Returns and Allowances

$ 70

Cost of goods sold

$ 1,330

           

$ 8,580

$ 8,580

FLINT HILLS PRO SHOP

Income Statement (Partial)

For the month ended April 30, 2014

Sales revenue

Sales

$ 2,420

Less: Sales returns and allowances

$ 70

Net sales

$ 2,350

Cost of goods sold

$ 1,330

Gross profit

$ 1,020

Date

Account Titles and Explanation

Debit

Credit

Apr. 5

Merchandise inventory

$ 1,400

Accounts Payable

$ 1,400

Apr. 7

Merchandise inventory

$ 80

Cash

$ 80

Apr. 9

Accounts Payable

$ 600

Merchandise inventory

$ 600

Apr. 10

Accounts Receivable

$ 1,460

Sales

$ 1,460

Cost of goods sold

$ 780

Merchandise inventory

$ 780

Apr. 12

Merchandise inventory

$ 920

Accounts Payable

$ 920

Apr. 14

Accounts Payable ($1,400 – $600)

$ 800

Merchandise inventory ($1,300 * 2%)

$ 26

Cash

$ 774

Apr. 17

Accounts Payable

$ 120

Merchandise inventory

$ 120

Apr. 20

Accounts receivable

$ 960

Sales

$ 960

Cost of goods sold

$ 550

Merchandise inventory

$ 550

Apr. 21

Accounts Payable ($920 – $120)

$ 800

Merchandise inventory ($800 * 1%)

$ 8

Cash

$ 792

27Apr.

Sales Returns and Allowances

$ 70

Accounts Receivable

$ 70

30

Cash

$ 1,100

Accounts Receivable

$ 1,100

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