At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $2,500; Inventory $3,500; and Common Stock $6,000. The following transactions were completed during April 2014.
| Apr. 5 |
|
Purchased golf bags, clubs, and balls on account from Akers Co. $1,500, terms 3/10, n/60. |
| 7 |
|
Paid freight on Akers purchase $80. |
| 9 |
|
Received credit from Akers Co. for merchandise returned $200. |
| 10 |
|
Sold merchandise on account to members $1,340, terms n/30. The merchandise sold had a cost of $820. |
| 12 |
|
Purchased golf shoes, sweaters, and other accessories on account from Palmer Sportswear $830, terms 1/10, n/30. |
| 14 |
|
Paid Akers Co. in full. |
| 17 |
|
Received credit from Palmer Sportswear for merchandise returned $30. |
| 20 |
|
Made sales on account to members $810, terms n/30. The cost of the merchandise sold was $550. |
| 21 |
|
Paid Palmer Sportswear in full. |
| 27 |
|
Granted an allowance to members for clothing that did not fit properly $80. |
| 30 |
|
Received payments on account from members $1,220.
|
Journalize the April transactions using a perpetual inventory system.