Assignment 5 - ACCT 2111 Introductory Financial Accounting...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ACCT 2111 Introductory Financial Accounting Assignment for Chapter 5 Question 1 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. Apr. 5 Purchased golf bags, clubs, and balls on account from Hercules Co. $6,000, FOB shipping point, terms 2/10, n/60. 7 Paid freight on Hercules purchase $320. 9 Received credit from Hercules Co. for merchandise returned $400. 10 Sold merchandise on account to members $4,400, terms n/30. The merchandise sold had a cost of $3,240. 12 Purchased golf shoes, sweaters, and other accessories on account from Hades Sportswear $3,440, terms 1/10, n/30. 14 Paid Hercules Co. in full, less discount. 17 Received credit from Hades Sportswear for merchandise returned $240. 20
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Assignment 5 - ACCT 2111 Introductory Financial Accounting...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online