P5-4A
J. Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner's Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and J. Hafner, Capital $4,200. The following transactions were completed during April.
Apr. 4 Purchased racquets and balls from Wellman Co. $840, FOB shipping point, terms 2/10, n/30.
6 Paid freight on purchase from Wellman Co. $40.
8 Sold merchandise to members $1,150, terms n/30. The merchandise sold had a cost of $790.
10 Received credit of $40 from Wellman Co. for a damaged racquet that was returned.
11 Purchased tennis shoes from Venus Sports for cash, $420.
13 Paid Wellman Co. in full.
14 Purchased tennis shirts and shorts from Serena's Sportswear $900, FOB shipping point, terms 3/10, n/60.
15 Received cash refund of $50 from Venus Sports for damaged merchandise that was returned.
17 Paid freight on Serena's Sportswear purchase $30.
18 Sold merchandise to members $810, terms n/30.The cost of the merchandise sold was $530.
20 Received $500 in cash from members in settlement of their accounts.
21 Paid Serena's Sportswear in full.
27 Granted an allowance of $30 to members for tennis clothing that did not fit properly.
30 Received cash payments on account from members, $660.
The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Merchandise Inventory, No. 201 Accounts Payable, No. 301 J. Hafner, Capital, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 505 Cost of Goods Sold.
Journalize the April transactions using a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Date Description/Account Debit Credit
Apr. 4
Apr. 6
Apr. 8
(To record cost of merchandise sold.)
Apr. 10
Apr. 11
Apr. 13
Apr. 14
Apr. 15
Apr. 17
Apr. 18
(To record cost of merchandise sold.)
Apr. 20
Apr. 21
Apr. 27
Apr. 30
Enter the beginning balances in the ledger accounts and post the April transactions. (Use J1 for the journal reference.) (If answer is zero, please enter 0. Do not leave any fields blank.)
Cash No. 101
Date Explanation Ref. Debit Credit Balance
Apr. 1 Balance
6 J1
11 J1
13 J1
15 J1
17 J1
20 J1
21 J1
30 J1
Accounts Receivable No. 112
Date Explanation Ref. Debit Credit Balance
Apr. 8 J1
18 J1
20 J1
27 J1
30 J1
Merchandise Inventory No. 120
Date Explanation Ref. Debit Credit Balance
Apr. 1 Balance
4 J1
6 J1
8 J1
10 J1
11 J1
13 J1
14 J1
15 J1
17 J1
18 J1
21 J1
Accounts Payable No. 201
Date Explanation Ref. Debit Credit Balance
Apr. 4 J1
10 J1
13 J1
14 J1
21 J1
J. Hafner, Capital No. 301
Date Explanation Ref. Debit Credit Balance
Apr. 1 Balance
Sales No. 401
Date Explanation Ref. Debit Credit Balance
Apr. 8 J1
18 J1
Sales Returns and Alowances No. 412
Date Explanation Ref. Debit Credit Balance
Apr. 27 J1
Cost of Goods Sold No. 505
Date Explanation Ref. Debit Credit Balance
Apr. 8 J1
18 J1
Prepare a trial balance on April 30, 2010. (If answer is zero, please enter 0. Do not leave any fields blank.)
HAFNER'S TENNIS SHOP
Trial Balance
April 30, 2010
Trial Balance
Account Titles Dr. Cr.
Cash $
$
Accounts Receivable
Merchandise Inventory
J. Hafner, Capital
Sales
Sales Returns and Allowances
Cost of Goods Sold
J. Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner's Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and J. Hafner, Capital $4,200. The following transactions were completed during April.
Apr. 4 Purchased racquets and balls from Wellman Co. $840, FOB shipping point, terms 2/10, n/30.
6 Paid freight on purchase from Wellman Co. $40.
8 Sold merchandise to members $1,150, terms n/30. The merchandise sold had a cost of $790.
10 Received credit of $40 from Wellman Co. for a damaged racquet that was returned.
11 Purchased tennis shoes from Venus Sports for cash, $420.
13 Paid Wellman Co. in full.
14 Purchased tennis shirts and shorts from Serena's Sportswear $900, FOB shipping point, terms 3/10, n/60.
15 Received cash refund of $50 from Venus Sports for damaged merchandise that was returned.
17 Paid freight on Serena's Sportswear purchase $30.
18 Sold merchandise to members $810, terms n/30.The cost of the merchandise sold was $530.
20 Received $500 in cash from members in settlement of their accounts.
21 Paid Serena's Sportswear in full.
27 Granted an allowance of $30 to members for tennis clothing that did not fit properly.
30 Received cash payments on account from members, $660.
The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Merchandise Inventory, No. 201 Accounts Payable, No. 301 J. Hafner, Capital, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 505 Cost of Goods Sold.
Journalize the April transactions using a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
Date Description/Account Debit Credit
Apr. 4
Apr. 6
Apr. 8
(To record cost of merchandise sold.)
Apr. 10
Apr. 11
Apr. 13
Apr. 14
Apr. 15
Apr. 17
Apr. 18
(To record cost of merchandise sold.)
Apr. 20
Apr. 21
Apr. 27
Apr. 30
Enter the beginning balances in the ledger accounts and post the April transactions. (Use J1 for the journal reference.) (If answer is zero, please enter 0. Do not leave any fields blank.)
Cash No. 101
Date Explanation Ref. Debit Credit Balance
Apr. 1 Balance
6 J1
11 J1
13 J1
15 J1
17 J1
20 J1
21 J1
30 J1
Accounts Receivable No. 112
Date Explanation Ref. Debit Credit Balance
Apr. 8 J1
18 J1
20 J1
27 J1
30 J1
Merchandise Inventory No. 120
Date Explanation Ref. Debit Credit Balance
Apr. 1 Balance
4 J1
6 J1
8 J1
10 J1
11 J1
13 J1
14 J1
15 J1
17 J1
18 J1
21 J1
Accounts Payable No. 201
Date Explanation Ref. Debit Credit Balance
Apr. 4 J1
10 J1
13 J1
14 J1
21 J1
J. Hafner, Capital No. 301
Date Explanation Ref. Debit Credit Balance
Apr. 1 Balance
Sales No. 401
Date Explanation Ref. Debit Credit Balance
Apr. 8 J1
18 J1
Sales Returns and Alowances No. 412
Date Explanation Ref. Debit Credit Balance
Apr. 27 J1
Cost of Goods Sold No. 505
Date Explanation Ref. Debit Credit Balance
Apr. 8 J1
18 J1
Prepare a trial balance on April 30, 2010. (If answer is zero, please enter 0. Do not leave any fields blank.)
HAFNER'S TENNIS SHOP
Trial Balance
April 30, 2010
Trial Balance
Account Titles Dr. Cr.
Cash $
$
Accounts Receivable
Merchandise Inventory
J. Hafner, Capital
Sales
Sales Returns and Allowances
Cost of Goods Sold
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