Business Finance
Oakland Community College Carla Vista Pro Shop T charts & Journalize Entry Worksheet

Oakland Community College

Question Description

I’m working on a Accounting exercise and need support.

At the beginning of the current season on April 1, the ledger of Carla Vista Pro Shop showed Cash $3,360; Inventory $3,500; and Common Stock $6,860. The following transactions were completed during April 2022.

Apr. 5Purchased golf bags, clubs, and balls on account from Arnie Co. $1,500, terms 3/10, n/60.
7Paid freight on Arnie purchase $80.
9Received credit from Arnie Co. for merchandise returned $700.
10Sold merchandise on account to members $1,420, terms n/30. The merchandise sold had a cost of $770.
12Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,060, terms 2/10, n/30.
14Paid Arnie Co. in full.
17Received credit from Woods Sportswear for merchandise returned $60.
20Made sales on account to members $820, terms n/30. The cost of the merchandise sold was $550.
21Paid Woods Sportswear in full.
27Granted an allowance to members for clothing that did not fit properly $70.
30Received payments on account from members $1,370.

Journalize the April transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries posted in part a. For accounts that have a zero balance select "4/30 Bal." from the list and enter 0 for the amount.)

Cash

Accounts receivable

Inventory

Common Stock

Sales revenue

Sales return and allowance

Cost of goods sold

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

Final Answer

Attached.
Attached.

Carla Vista Pro Shop
Opening balance as at 1st April 2022
Cash
$
Inventory
$
Common stock $

3,360
3,500
6,860

SUMMARY OF TRANSACTIONS COMPLETED DURING THE MONTH OF APRIL
Date
Apr-05

Apr-07

Apr-09

Apr-10

Apr-12

Apr-14

Apr-17

Apr-20

Apr-21

Apr-27

Apr-30

DR: Bags, clubs, balls
CR: Accounts payable, Arnie

$

DR: Freight charges
CR: Cash and bank

$

DR: Accounts payable, Arnie
CR: Bags, clubs, balls

$

DR: Cost of goods sold
CR: Bags, clubs, balls

$

DR: Debtors
CR: Sales

$

DR: Bags, clubs, balls
CR: Accounts payable, Sportswear

$

DR: Accounts payable, Arnie
$
CR: Cash and bank
CR: Sales return and allowance - Discount received

DR: Accounts paya...

DRSHINAQWA (2980)
Boston College

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