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Unformatted text preview: P5-4AJ. 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.4Purchased racquets and balls from Wellman Co. $840, FOB shipping point, terms 2/10, n/30. 6Paid freight on purchase from Wellman Co. $40.8Sold merchandise to members $1,150, terms n/30. The merchandise sold had a cost of $790. 10Received credit of $40 from Wellman Co. for a damaged racquet that was returned. 11Purchased tennis shoes from Venus Sports for cash, $420.13Paid Wellman Co. in full.14Purchased tennis shirts and shorts from Serena's Sportswear $900, FOB shipping point, terms 3/10, n/60. 15Received cash refund of $50 from Venus Sports for damaged merchandise that was returned. 17Paid freight on Serena's Sportswear purchase $30.18Sold merchandise to members $810, terms n/30.The cost of the merchandise sold was $530.20Received $500 in cash from members in settlement of their...
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This note was uploaded on 07/31/2011 for the course ACCT 557 taught by Professor Kahn during the Spring '10 term at Strayer.
- Spring '10
- Financial Accounting