Data for the In the Pines Golf Shop are presented #8564

Data for the In the Pines Golf Shop are presented in P5-4A.Apr. 3 Purchased golf bags, clubs,
and balls on account from Balata Corp. for $4,600, terms 1/10, n/30,FOB shipping point.6
Freight of $120 was paid by the appropriate party on the April 3 purchase from Balata.9
Received a $200 purchase allowance from Balata for returned merchandise.10 Sold
merchandise on account to members for $5,020, terms n/30. The cost of the merchandise sold
was $2,010.12 Paid Balata in full.14 Received payments on account from members, $2,125.16
Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear
Limited for $1,300, terms 2/10, n/30.17 Received a $100 credit from Arrow Sportswear for
returned merchandise.20 Sold merchandise on account to members for $3,200, terms n/30. The
cost of the merchandise sold was $1,285.24 Paid Arrow Sportswear in full.27 Granted an $85
sales allowance to a member for soiled clothing. No merchandise was returned.Instructions(a)
Prepare T accounts and enter the opening balances.(b) Record and post the April transactions
for In the Pines Golf Shop, assuming it uses a periodic inventory system instead of a perpetual
inventory system. The inventory count on April 30 determined that merchandise costing $4,857
was on hand. Round all calculations to the nearest dollar.(c) Prepare an unadjusted trial
balance as at April 30.(d) Prepare the adjusting journal entry needed at the end of the period to
update the Merchandise Inventory and Cost of Goods Sold accounts.View Solution:
Data for the In the Pines Golf Shop are presented

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