Adam Nichols, a former disc golf star, operates AdamâsDiscorama. At the beginning of the current season on April 1, theledger of Adamâs Discorama showed Cash $1,800.00, Inventory$2,500.00, and Ownerâs Capital $4,300.00. The followingtransactions were completed during April.
Apr. 5 Purchased golf discs, bags, and other inventory onaccount from Rayford Co. $1,100.00, FOB shipping point, terms 2/10,n/60. 7 Paid freight on the Rayford purchase $50.00. 9 Receivedcredit from Rayford Co. for merchandise returned $100.00. 10 Soldmerchandise on account for $840.00, terms n/30. The merchandisesold had a cost of $504.00. 12 Purchased disc golf shirts and otheraccessories on account from Galaxy Sportswear $620.00, terms 1/10,n/30. 14 Paid Rayford Co. in full, less discount. 17 Receivedcredit from Galaxy Sportswear for merchandise returned $80.00. 20Made sales on account for $680.00, terms n/30. The cost of themerchandise sold was $310.00. 21 Paid Galaxy Sportswear in full,less discount. 27 Granted an allowance to customers for clothingthat was flawed$20.00. 30 Received payments on account fromcustomers $840.00. Journalize the April transactions using aperpetual inventory system
Adam Nichols, a former disc golf star, operates AdamâsDiscorama. At the beginning of the current season on April 1, theledger of Adamâs Discorama showed Cash $1,800.00, Inventory$2,500.00, and Ownerâs Capital $4,300.00. The followingtransactions were completed during April.
Apr. 5 Purchased golf discs, bags, and other inventory onaccount from Rayford Co. $1,100.00, FOB shipping point, terms 2/10,n/60. 7 Paid freight on the Rayford purchase $50.00. 9 Receivedcredit from Rayford Co. for merchandise returned $100.00. 10 Soldmerchandise on account for $840.00, terms n/30. The merchandisesold had a cost of $504.00. 12 Purchased disc golf shirts and otheraccessories on account from Galaxy Sportswear $620.00, terms 1/10,n/30. 14 Paid Rayford Co. in full, less discount. 17 Receivedcredit from Galaxy Sportswear for merchandise returned $80.00. 20Made sales on account for $680.00, terms n/30. The cost of themerchandise sold was $310.00. 21 Paid Galaxy Sportswear in full,less discount. 27 Granted an allowance to customers for clothingthat was flawed$20.00. 30 Received payments on account fromcustomers $840.00. Journalize the April transactions using aperpetual inventory system
