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Unformatted text preview: P5-7AAt the beginning of the current season, the ledger of Village 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 Denton Co. $740, terms 3/10, n/30.6 Paid freight on Denton Co. purchase $60.8 Sold merchandise to members $900, terms n/30.10 Received credit of $40 from Denton Co. for a damaged racquet that was returned.11 Purchased tennis shoes from Newbee Sports for cash $300.13 Paid Denton Co. in full.14 Purchased tennis shirts and shorts from Venuss Sportswear $600, terms 2/10, n/60.15 Received cash refund of $50 from Newbee Sports for damaged merchandise that wasreturned.17 Paid freight on Venuss Sportswear purchase $30.18 Sold merchandise to members $1,000, terms n/30.20 Received $500 in cash from members in settlement of their accounts.21 Paid Venuss Sportswear in full.27 Granted an allowance of $30 to members for tennis clothing that did not fit properly....
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This note was uploaded on 06/20/2011 for the course ACCT 281 taught by Professor Shelburn during the Spring '10 term at University of Phoenix.
- Spring '10