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.)
Problem 5-3A: Granite Hills Pro Shop Transactions for April 2017
Apr. 1: Purchased golf bags, clubs, and balls on account from Arnie Co. for $1,500, terms 3/10, n/60.
Apr. 5: Paid freight on Arnie purchase, $80.
Apr. 6: Received credit from Arnie Co. for merchandise returned, $200.
Apr. 10: Sold merchandise on account to members for $1,340, terms n/30. The merchandise sold had a cost of $820.
Apr. 12: Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear for $830, terms 1/10, n/30.
Apr. 14: Paid Arnie Co. in full.
Apr. 17: Received credit from Woods Sportswear for merchandise returned, $30.
Apr. 20: Made sales on account to members for $810, terms n/30. The cost of the merchandise sold was $550.
Apr. 21: Paid Woods Sportswear in full.
Apr. 27: Granted an allowance to members for clothing that did not fit properly, $80.
Apr. 30: Received payments on account from members, $1,220.
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 answers to 0 decimal places, e.g. 5,275.)
