ACCT 2111 Introductory Financial Accounting
Assignment for Chapter 5
Demeter Poseidon, a former professional golf star, operates Demeter’s Pro Shop at
Apollo Golf Course. At the beginning of the current season on April 1, the ledger of
Demeter’s Pro Shop showed Cash $10,000, Merchandise Inventory $14,000, and
Common Stock $24,000. The following transactions were completed during April.
Purchased golf bags, clubs, and balls on account from
Hercules Co. $6,000, FOB shipping point, terms 2/10, n/60.
Paid freight on Hercules purchase $320.
Received credit from Hercules Co. for merchandise returned
Sold merchandise on account to members $4,400, terms n/30.
The merchandise sold had a cost of $3,240.
Purchased golf shoes, sweaters, and other accessories on
account from Hades Sportswear $3,440, terms 1/10, n/30.
Paid Hercules Co. in full, less discount.
Received credit from Hades Sportswear for merchandise