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P5 4A Team Assignment - P5-4A J Hafner a former...

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P5-4A J. Hafner, a former professional tennis star, operates Hafner’s Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner’s Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and Common Stock $4,200. The following transactions were completed during April. Apr. 4 Purchased racquets and balls from Wellman Co. $840, FOB shipping point, terms 2/10, n/30. 6 Paid freight on purchase from Wellman Co. $40. 8 Sold merchandise to members $1,150, terms n/30. The merchandise sold had a cost of $790. 10 Received credit of $40 from Wellman Co. for a damaged racquet that was returned. 11 Purchased tennis shoes from Venus Sports for cash, $420. 13 Paid Wellman Co. in full. 14 Purchased tennis shirts and shorts from Serena’s Sportswear $900, FOB shipping point, terms 3/10, n/60. 15 Received cash refund of $50 from Venus Sports for damaged merchandise that was returned. 17 Paid freight on Serena’s Sportswear purchase $30.
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