Question

At the beginning of the current golf season, on April 1, 2018, the general ledger of In the Concord Golf Shop showed Cash $4,300; Inventory $21,200; Common Shares $10,800; and Retained Earnings $14,700. In the Concord Golf Shop uses a perpetual inventory system.

The following transactions occurred in April:

Apr.	3		Purchased golf bags, clubs, and balls on account from Balata Corp. for $2,900, terms 1/10, n/30, FOB shipping point.
	5		Freight of $309 was paid by the appropriate party on the April 3 purchase from Balata.
	7		Sold merchandise on account to members for $10,670, terms n/30. The cost of the merchandise sold was $5,570.
	9		Received a $290 purchase allowance from Balata for returned merchandise.
	11		Paid Balata in full.
	14		Received payments on account from members, $4,410.
	16		Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear Limited for $1,300, terms 2/10, n/30.
	17		Received a $100 credit from Arrow Sportswear for returned merchandise.
	20		Sold merchandise on account to members for $11,100, terms n/30. The cost of the merchandise sold was $6,700.
	24		Paid Arrow Sportswear in full.
	25		Received payments on account from members, $4,620.
	27		Granted a $100 sales allowance to a member for a flaw in the clothing they had purchased. No merchandise was returned. The next part asks for this to be show in t accounts and after prepare a trial balance

Answer 1

Date	General Journal	Debit	Credit
Apr.3	Merchandise Inventory	$2,900.00
	Account Payable		$2,900.00
Apr.5	Merchandise Inventory	$309.00
	Cash		$309.00
Apr.7	Accounts receivable	$10,670.00
	Sales Revenue		$10,670.00
	Cost of goods sold	$5,570.00
	Merchandise Inventory		$5,570.00
Apr.9	Account Payable	$290.00
	Merchandise Inventory		$290.00
Apr.11	Cash	$10,670.00
	Accounts Receivables		$10,670.00
Apr.14	Cash	$4,410.00
	Accounts Receivables		$4,410.00
Apr.16	Merchandise Inventory	$1,300.00
	Account Payable		$1,300.00
Apr.17	Account Payable	$100.00
	Merchandise Inventory		$100.00
Apr.20	Accounts receivable	$11,100.00
	Sales Revenue		$11,100.00
	Cost of goods sold	$6,700.00
	Merchandise Inventory		$6,700.00
Apr.24	Account payable	$1,200.00
	Cash		$1,176.00
	Merchandise Inventory		$24.00
Apr.25	Cash	$4,620.00
	Accounts Receivables		$4,620.00
Apr.27	Sales returns and allowances	$100.00
	Accounts Receivables		$100.00