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Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the Miller Lake Resort.

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.
18 Sold merchandise to members $810, terms n/30.The cost of the merchandise sold was $530.
20 Received $500 in cash from members in settlement of their accounts.
21 Paid Serena's Sportswear in full.
27 Granted an allowance of $30 to members for tennis clothing that did not fit properly.
30 Received cash payments on account from members, $660.

The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Merchandise Inventory, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 505 Cost of Goods Sold.


Journalize the April transactions using a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

Date Description Debit Credit
Apr. 4 $
$
Apr. 6 $
$
Apr. 8 $
$
$
$
(To record cost of merchandise sold.)
Apr. 10 $
$
Apr. 11 $
$
Apr. 13 $
$
$
Apr. 14 $
$
Apr. 15 $
$
Apr. 17 $
$
Apr. 18 $
$
$
$
(To record cost of merchandise sold.)
Apr. 20 $
$
Apr. 21 $
$
$
Apr. 27 $
$
Apr. 30 $
$



Enter the beginning balances in the ledger accounts and post the April transactions. (Use J1 for the journal reference.) (If answer is zero, please enter 0. Do not leave any fields blank.)

Cash


No. 101

Date





Explanation


Ref.


Debit


Credit


Balance
Apr. 1 Balance P
6 J1
11 J1
13 J1
15 J1
17 J1
20 J1
21 J1
30 J1

Accounts Receivable


No. 112

Date





Explanation


Ref.


Debit


Credit


Balance
Apr. 8 J1
18 J1
20 J1
27 J1
30 J1

Merchandise Inventory


No. 120

Date





Explanation


Ref.


Debit


Credit


Balance
Apr. 1 Balance P
4 J1
6 J1
8 J1
10 J1
11 J1
13 J1
14 J1
15 J1
17 J1
18 J1
21 J1

Accounts Payable


No. 201

Date





Explanation


Ref.


Debit


Credit


Balance
Apr. 4 J1
10 J1
13 J1
14 J1
21 J1

Common Stock


No. 311

Date





Explanation


Ref.


Debit


Credit


Balance
Apr. 1 Balance P

Sales


No. 401

Date





Explanation


Ref.


Debit


Credit


Balance
Apr. 8 J1
18 J1

Sales Returns and Allowances


No. 412

Date





Explanation


Ref.


Debit


Credit


Balance
Apr. 27 J1

Cost of Goods Sold


No. 505

Date





Explanation


Ref.


Debit


Credit


Balance
Apr. 8 J1
18 J1



Prepare a trial balance on April 30, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.)

HAFNER'S TENNIS SHOP
Trial Balance
April 30, 2008


Trial Balance
Account Titles Dr. Cr.
Cash $ $
Accounts Receivable
Merchandise Inventory
Accounts Payable
Common Stock
Sales
Sales Returns and Allowances
Cost of Goods Sold





$


$

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