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Question 2 --/3 View Policies Current Attempt in Progress At the beginning of the current season on April 1, the ledger of Blossom Pro Shop showed Cash $3,110; Inventory $4,110; and Common Stock $7.220. The following transactions occurred during April 2022. bs, and balls on account from Arnie Co. $1,830, terms 4/10, 1/60 purchases $98. nie Co. for merchandise returned $530. ount to members $1,635, terms n/30. Teaters, and other accessories on account from Woods Sportswear $1,013, terms 1/10,n/30. ods Sportswear for merchandise returned $213. members $980, terms n/30. in full. ers for clothing that did not fit properly $98. ccount from members $1.488. Journalize the April transactions using a periodic inventory system (if no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not A: S

Answer 1

Blossom Pro Shop Journal entries Date Account 5-Apr Purchases Accounts Payable Credit Calculation Debit $ 1,830 $ 1,830 $ 98 7-Apr Freight-in Cash $ 98 $ 530 9-Apr Accounts Payable Purchase Returns & Allowances $ 530 $ 1,635 10-Apr Accounts Receivable Sales revenue $ 1,635 $ 1,013 12-Apr Purchases Accounts Payable $ 1,013 $ 1,300 =1,830-530 14-Apr Accounts Payable Cash Purchase Discounts $ $ 1,248 52 =1,300*4% $ 213 17-Apr Accounts Payable Purchase Returns & Allowances $ 213 $ 980 20-Apr Accounts Receivable Sales revenue $ 980 $ 800 =1,013-213 21-Apr Accounts Payable Cash Purchase Discounts $ $ 792 8 =800*1% $ 98 27-Apr Sales Returns & Allowances Accounts Receivable $ 98 $ 1,488 30-Apr Cash Accounts Receivable $ 1,488

Date Credit Blossom Pro Shop T Accounts Date Debit Date Credit Cash Op bal $ 3,110 30-Apr $ 1,488 7-Apr $ 98 14-Apr $ 1,248 21-Apr $ 792 Date Debit Date Credit Accounts Receivable Op bal $ - 10-Apr $ 1,635 27-Apr $ 98 20-Apr $ 980 30-Apr $ 1,488 Debit Date Inventory $ 4,110 Op bal Date Debit Date Credit Accounts Payable 9-Apr $ 530 Op bal $ 14-Apr $ 1,300 5-Apr $ 1,830 17-Apr $ 213 12-Apr $ 1,013 21-Apr $ 800 Bal. Bal. $ 2,460 Common Stock Op bal $ 1,029 Sales revenue 10-Apr $ 1,635 20-Apr $ 980 Bal. $ 4,110 Sales Returns & Allowances 27-Apr $ 98 Bal. Purchases 5-Apr $ 1,830 12-Apr $ 1,013 $ 7,220 $ Bal. $ 2,843 Bal. $ 7,220 Purchase Returns & Allowances 9-Apr $ 530 17-Apr $ 213 Bal. $ 2,615 Bal. Purchase Discounts 14-Apr $ 52 7 21-Apr $ 8 98 Freight-in 98 -Apr $ Bal. $ 743 Bal. $ 60 Bal. $ 98

Trial Balance Debit Credit 2,460 1,029 4,110 Blossom Pro Shop Account Names Cash Accounts Receivable Inventory Accounts Payable Common Stock Sales revenue Sales Returns & Allowances Purchases Purchase Returns & Allowances Purchase Discounts Freight-in Totals 7,220 2,615 98 2,843 743 60 98 10,638 10,638

Blossom Pro Shop Income Statement For the Month Ended April 30, 2022 Revenues Sales revenue Sales Returns & Allowances Net Sales Revenue Cost of goods sold Opening Inventory Purchases Less Purchase Returns & Allowances Purchase Discount 2,615 (98) 2,517 4,110 2,843 es (743) (60) (803) 2,040 Subtotals Add: Freight-in Purchases, Net Cost of goods available for sale Closing Inventory Cost of goods sold Gross Profit 2,138 6,248 (5,201) 1,047 1,470