P5-4A & P5-7A week 2 individual A

P5-4A & P5-7A week 2 individual A - Chapter 5 Exercises...

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Chapter 5 Exercises P5-4A & P5-7A 1 Exercises P5-4A & P5-7A Fadi Fayad ACC/281 06/01/2011 MYRA MC GILL
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2 Exercises P5-4A & P5-7A 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 J. Hafner, Capital $4,200. The following transactions were completed during April A) General Journal J1 Date Account Titles and Explanation Debit Credit Apr. 4 Merchandise Inventory Accounts Payable 840 840 6 Merchandise Inventory Cash 40 40 8 Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory 1,150 790 1,150 790 10 Accounts Payable Merchandise Inventory 40 40 11 Merchandise Inventory Cash 420 420 13 Accounts Payable ($840 – $40) Merchandise Inventory ($800 X 2%) Cash 800 16 784 14 Merchandise Inventory Accounts Payable 900 900 15 Cash Merchandise Inventory 50 50 17 Merchandise Inventory Cash 30 30 18 Accounts Receivable Sales 810 810
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3 Cost of Goods Sold Merchandise Inventory 530 530 General Journal J1 Date Account Titles and Explanation Debit Credit Apr. 20 Cash Accounts Receivable 500 500 21 Accounts Payable Merchandise Inventory ($900 X 3%) Cash 900 27 873 27 Sales Returns and Allowances Accounts Receivable 30 30 30 Cash Accounts Receivable 660 660 (B) Cash No. 101 Date Explanation Ref. Debit Credit Balance Apr. 1 6 11 13 15 17 20 21 30 Balance J1 J1 J1 J1 J1 J1 J1 J1 50 500 660 40 420 784 30 873 2,500 2,460 2,040 1,256 1,306 1,276 1,776 903 1,563
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4 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Apr. 8 18 20 27 30 J1 J1 J1 J1 J1 1,150 810 500 30 660 1,150 1,960 1,460 1,430 770 Merchandise Inventory No. 120 Date Explanation Ref. Debit Credit Balance Apr. 1 4 6 8 10 11 13 14 15 17 18 21 Balance J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 840 40 420 900 30 790
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P5-4A & P5-7A week 2 individual A - Chapter 5 Exercises...

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