At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $3,065; Inventory $4,065; and Common Stock $7,130. The following transactions occurred during April 2017 Apr
5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,695, terms 3/10, n/60.
7 Paid freight on Arnie Co. purchases $90.
9 Received credit from Arnie Co. for merchandise returned $395.
10 Sold merchandise on account to members $1,514, terms n/30.
12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $938, terms 2/10, n/30.
14 Paid Arnie Co. in full.
17 Received credit from Woods Sportswear for merchandise returned $138.
20 Made sales on account to members $915, terms n/30.
21 Paid Woods Sportswear in full.
27 Granted credit to members for clothing that did not fit properly $90.
30 Received payments on account from members $1,379.

Requried:
Journalize the April transactions using a periodic inventory system.

Answer and Explanation:

The journal entries are shown below:

On April 5

Purchase Dr $1,695

    To account payable $1,695

(Being purchase on account is recorded)

On April 7

Freight in Dr $90

   To cash $90

(being cash paid is recorded)

On April 9

Account payable Dr $395

      To Purchase return & allowances $395

(being received the credit on returned)

On April 10

Account receivable Dr $1,514

         To Sales $1,514

(being merchandise sold on credit)

On April 12

Purchase Dr $938

    To account payable $938

(Being purchase on account is recorded)

On April 14

Account payable  $1,300

     To Cash $1,261

     To Purchase discount $39

(being cash paid)

On April 17

Account payable Dr $138

      To Purchase return & allowances $138

(being received the credit on returned)

On April 20

Account receivable Dr $915

         To Sales $915

(being merchandise sold on credit)

On APril 21

Account payable  $800

     To Cash $784

     To Purchase discount $16

(being cash paid)

On April 27

Sales returns & allowances $90

    To account receivable $90

(Being credit granted is recorded)

On April 30

Cash Dr 1,379

    To account receivable $1,379

(being cash received is recorded)

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