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 from Arnie Co. $ 1.530, terms 4/10, n/60. 7 Paid freight on Arnie Co. purchases $ 82. 9 Received credit from Arnie Co. for merchandise returned $ 230. 10 Sold merchandise on account to members $ 1.367, terms n/30. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $ 847, terms 2/10, n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $ 47 20 Made sales on account to members $ 826, terms n/30. 21 Paid Woods Sportswear in full. 27 Granted credit to members for clothing that did not ht properly $ 82 30 Received payments on account from members $ 1.244

Explanation / Answer

Cash

Account receivable

Account payable

Common stock

Sales

Sales return

Purchase

Purchase return

Purchase discount

Freight

4/1 bal. To bal b/d 3010 4/7 By freight 82 4/30 To Account receivable 1244 4/14 By Account payable 1248 4/21 By account payable 784 4/30 By bal c/d 2140

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