At the beginning of the current tennis season, on April 1, the general ledger of Grand Slam Tennis.. 1 answer below »

At the beginning of the current tennis season, on April 1, the general ledger of Grand Slam Tennis Shop showed Cash $8,000; Merchandise Inventory $5,400; Common Shares $6,000; and Retained Earnings $7,400. Grand Slam Tennis Shop uses a perpetual inventory system. The following transactions occurred in April: Apr. 2 Purchased racquets and balls from Roberts Inc. for $4,900, terms 2/10, n/30, FOB shipping point 3 The appropriate party paid $120 freight on the purchase from Roberts on April 2. 7 Received credit of $100 from Roberts for a damaged racquet that was returned. 11 Paid Roberts in full. 13 Purchased tennis shoes from Niki Sports Ltd. for $920 cash, FOB shipping point. 16 The appropriate party paid $15 freight on the purchase from Niki on April 13. 17 Purchased supplies for $1,300 cash from Discount Supplies Limited. 18 Received a $110 cash refund from Niki Sports for damaged merchandise that was returned. 20 Sold merchandise to members for $6,800 on account, terms n/30. The cost of the merchandise was $4,080. 21 Some of the merchandise purchased on April 20, with a sales price of $1,000 and a cost of $600, was returned by members. It was restored to inventory. 23 Sold merchandise to members for $5,600, terms n/30. The cost of the merchandise was $3,360. 25 Received cash payments on account from members, $8,000. 28 Granted a $150 sales allowance on account to a member for slightly torn tennis clothing. No merchandise was returned. 30 Purc

 

Looking for a Similar Assignment? Let us take care of your classwork while you enjoy your free time! All papers are written from scratch and are 100% Original. Try us today! Use Code FREE15