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WileyPLUS C secure ! https://edugen.wileyplus.com/edugen/lti/main.uni Return to Blackboand el, Survey of Accounting, le, for Central New Mexico Community College CALCULATOR PRINTER VERSIONBACK NEXT ASSIGNMENT RESOURCES Problem 6-2 (Part Level Submission) At the beginning of the current season on April 1, the records of Bramble Pro Shop showed Cash $2,810; Inventory $3,500; and Common Stock $6,310. The following transactions occurred during April 2017 Chapter 6 Bonus (optional) Problem 6-2 (Part I Apr. 5 Purchased goir bags, clubs, and balls on account trom Arnle Co. $2,300 9 Received credit from Arnie Co. for merchandise returned $500. 10 Sold merchandise on account to members $1,490. The merchandise sold had a cost of $780 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,060 14 Pald Arnle Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $60 20 Made sales on account to members $970. The cost of merchandise sold was $550 21 Paid Woods Sportswear in full. 30 Received payments on account trom members $1,240 Review Results by Study Your answer is correct Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, and Cost or Goods Sold. Enter the beginning balances in the summary Assets Liabilities + Stockholders Equity = Retained Earnings Bal Cash +Accts. Rec. Inv Acc ts. Pay. Common Stock+ Exp Apr. 1 3,500 6,310 2:10 O ??

Explanation / Answer

Date Assets = Liabilities + Stockholders Equity Retained Earnings Cash + Accounts Receivable + Inv. = Accounts Payable + Common stock + Rev. - Exp. Bal. $2,810.00 + + $3,500.00 = + $6,310.00 + - Apr.5 + + $2,300.00 = $2,300.00 + + - Apr.9 + + -$500.00 = -$500.00 + + - Apr.10 + $1,490.00 + = + + $1,490.00 - Sales Revenue + + -$780.00 = + + - $780.00 Cost of good sold Apr.12 + + $1,060.00 = $1,060.00 + + - Apr.14 -$1,800.00 + + = -$1,800.00 + + - Apr.17 + + -$60.00 = -$60.00 + + - Apr.20 + $970.00 + = + + $970.00 - Sales Revenue + + -$550.00 = + + - $550.00 Cost of good sold Apr.21 -$1,000.00 + + = -$1,000.00 + + - Apr.30 $1,240.00 + -$1,240.00 + = + + -

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