Data for Grand Slam Tennis Shop are presented in P5 4B

Apr #8576
Data for Grand Slam Tennis Shop are presented in P5-4B.Apr. 2 Purchased racquets and balls
from Roberts Inc. for $4,900, terms 2/10, n/30, FOB shipping point3 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 Purchased equipment for use in the business from DomCo Ltd. for $3,600, terms
n/45.Instructions(a) Prepare T accounts and enter the opening balances.(b) Record and post
the April transactions for Grand Slam Tennis Shop, assuming it uses a periodic inventory
system instead of a perpetual inventory system. The inventory count on April 30 determined that
merchandise costing $4,209 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 Grand Slam Tennis Shop are presented in P5 4B Apr

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