Reference no: EM133143942
Question - March 1: Theim Tennis Academy purchased 3,000 cans of tennis balls for inventory for $6,000 ($2 per can) from Babolat to sell in its store at the tennis shop. The credit terms are 2/10, N/30.
March 3: The store at the tennis shop reported it sold 1,000 cans of tennis balls for a total of $4,000 cash. Record the sale portion of the journal entry.
March 3: The store at the tennis shop reported it sold 1,000 cans of tennis balls for a total of $4,000 cash. Record the inventory portion of the journal entry.
March 7: Theim Tennis Academy paid Babolat for the cans of tennis balls that were purchased on March 1.
March 14: Theim Tennis Academy purchased 1,500 rackets for inventory from Rackets-R-Us for $300,000. The credit terms are 1/10, N/30.
March 20: Theim Tennis Academy determined that 150 rackets were broken and were granted an allowance in the amount of $20,000 from Rackets-R-Us.
March 31: Theim Tennis Academy paid Rackets-R-Us for the balance due on the rackets purchased on March 14.
Required - Explain what a merchandiser is and explain the two main categories of merchandisers.