PS
Subject:BusinessPrice: Bought3
PS. J. Hafner, a former professional tennis stat, operates Hufrer's Tennis Shop at the Muller Like Resort At the beginning of the current season, the ledger of Hafee's Tea Shop showed Cazh 52301, Marchandise taventory 51,700, and I Hafner, Capital 14.200. The following transa tions were completed during April Apr. 4 Purchased racquets and balls from Wellman Co $540, FOB shipping point terms 2/10 6/30 6 Paid freight on purchase from Wellman Ca 540 - Sold merchandise to members 31.15, terma 30. The merchandise sold had a cost of 5790 10 Received credit of $40 from Wellman Co. fors racquet that was returned 11 Purchased tennis shoes from Venus Sporta for cush. 5420 11 Paid Wellntan Cain full 14 Purchased lens shirts and shorts from Serena' Sportswear 5900, FOB shipping point, terms 3/10.60 15 Recived cash refund of 50 from Venua Sports for damaged merchandise that we returned 11 Paid Dreighton Serena's Sportswear purchase 530 15 Sold merchandise to members $810. terms 1/30. The cost of the merchandise sold was $530 20 Received 5500 in cash from members in settlement of their accounts HIKO 21 Paid Serena's Sportswear ial 27 Grinted on allowance of 530 to memben for leonis clothing that did not fit property 30 Received cash payment on account from members 5560 ODY Atk The chart of accounts for the tennis shop include the following: No. 101 Cash, No. 112 Account Receivable, Na 120 Merchandise Investory. Ne 201 Accounts Payable, No. 301 I. Hainer Capitol, No 401 Sales No. 412 Sales Returns and Allowances, No. 505 Cast of Goods Sold Instructions (a) Journalise the April transactiona uung a perpetual inventory system C) Eeter the beginning balances in the ledyer accounts and post the April transaction (Ute 1 for the journal clarece to Prepares traballnce on April 30.2010 PS ZA Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olat showed Cash of 59.000 and M. Olat Capital of 59,000 Apr 2 Parchand merchandise on account for Dakota Supply Co. 56.000, terms 1110/30 4 Sold merchandise o account 55.900 FOB destination, tere 170.10. The cost of the merchandise sold was 54.100 3 Pald 5240 freight on April 4 sale 6 Received credit from Dakota Supply Co for merchandise renurned $500 11 Paid Dakots Supply Co. in full.less count. 13 Received collections in full, les dimints frore customers billed on April 4 14 Purchased merchandise for cash 530 16 Received refund from supplier for retumed goods at each purchase of April 14, 5500 18 Purchased marchandise from Skywalker Distributon 34.300, FOB shipping paint terme 210,n30 20 Pald freight on April 18 purchase 5100 73 Sold merchandise for cash 54,400 Tk merchandise sold had a cost of $5,120, 26 Purchased merchandise for cash $2.32 27 Paid Skywalker Distributors in fulles discount 29 Made refunds to cash customen la defective merchandise 390. The returned mer. chandise had a scrap value of $30 30 Sold merchandise o account 53.70erman 30. The cost of the merchandise old was on . $2,800 Olaf Company's chart of account includes the following: No tot CashNo. 112 Accounts Receivable. No 120 Merchandise Inventory. Ne 201 Accounts Payable. Na 301 M. Olat.Cupital. No. 41 Sale No. 412 Sales Returns and Allowances No. 414 Sales Discounts. Na 505 Cost of Goods Sold, and No.644 Freight-out Instructions Dloumalize the transaction uting a perpenal inventory system c) Enter the beginningad and capital balues and pout the transactions (Usel for the jour tal reference) (c) Prepare the income statement through gros profit for the month of April 2010
