Reference no: EM132658424
At the beginning of the current season on April 1, the records of Ayayai Pro Shop showed Cash $2,950, Inventory $3,500, and Common Stock $6,450. The following transactions occurred during April 2017.
Apr. 5Purchased golf bags, clubs, and balls on account from Arnie Co. $2,500.
9Received credit from Arnie Co. for merchandise returned $700.10Sold merchandise on account to members $1,340. The merchandise sold had a cost of $920.
12Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,050.
14Paid Arnie Co. in full.
17Received credit from Woods Sportswear for merchandise returned $50.
20Made sales on account to members $910. The cost of merchandise sold was $550.21Paid Woods Sportswear in full.
30Received payments on account from members $1,400.
Question 1: Make a tabular summary that includes the following accounts: Cash, Accounts Receivable, Inventory, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, and Cost of Goods Sold. Enter the beginning balances in the summary.
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