In: Accounting
At the beginning of the current season on April 1, the records
of Sheffield Pro Shop showed Cash $3,070, Inventory $3,500, and
Common Stock $6,570. The following transactions occurred during
April 2017.
Apr. 5 | Purchased golf bags, clubs, and balls on account from Arnie Co. $2,600. | |
9 | Received credit from Arnie Co. for merchandise returned $300. | |
10 | Sold merchandise on account to members $1,440. The merchandise sold had a cost of $810. | |
12 | Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $970. | |
14 | Paid Arnie Co. in full. | |
17 | Received credit from Woods Sportswear for merchandise returned $70. | |
20 | Made sales on account to members $850. The cost of merchandise sold was $550. | |
21 | Paid Woods Sportswear in full. | |
30 | Received payments on account from members $1,470. |
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 of
Goods Sold. Enter the beginning balances in the summary.
Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||||||
Retained Earnings | ||||||||||||||||||
Cash | + | Accts. Rec. | + | Inv. | = | Accts. Pay. | + | Common Stock | + | Rev. | - | Exp. | ||||||
Bal. | ||||||||||||||||||
Apr. | 1 | $ | $ | $ | $ | $ | $ | $ |
Assets | = | Liabilities | + | Stockholders' Equity | |||||||||
Retained Earnings | Amount $ | ||||||||||||
Cash | + | Accts. Rec. | + | Inv. | = | Accts. Pay. | + | Common Stock | + | Rev. | - | Exp. | |
Bal. | - | ||||||||||||
Apr.1 | 3,070 | + | - | + | 3,500 | = | - | + | 6,570 | + | - | ||
Apr.5 | + | + | 2,600 | = | 2,600 | + | + | - | |||||
Apr.9 | + | + | -300 | = | -300 | + | + | - | |||||
Apr.10 | + | 1,440 | + | -810 | = | + | + | 1,440 | - | 810 | |||
Apr.12 | + | + | 970 | = | 970 | + | + | - | |||||
Apr.14 | -2,300 | + | + | = | -2,300 | + | + | - | |||||
Apr.17 | + | + | -70 | = | -70 | + | + | - | |||||
Apr.20 | + | 850 | + | -550 | = | + | + | 850 | - | 550 | |||
Apr.21 | -900 | + | + | = | -900 | + | + | - | |||||
Apr.30 | 1,470 | + | -1,470 | + | = | + | + | - | |||||
Bal. | 1,340 | + | 820 | + | 5,340 | = | 0 | + | 6,570 | + | 2,290 | - | 1,360 |