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At the beginning of the current season on April 1, the ledger of Oosthuizen Pro Shop, NV showed Cash €3,000; Inventory €4,000; and Share Capital-Ordinary €7,000. The following transactions occurred during April 2017.
Apr. 5 Purchased golf bags, clubs, and balls on account from Balata Co. €1,300, FOB shipping point, terms 2/10, n/60.
7 Paid freight on Balata Co. purchases €80.
9 Received credit from Balata Co. for merchandise returned €100.
10 Sold merchandise on account to members €710, terms n/30.
12 Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear €450, terms 1/10, n/30.
14 Paid Balata Co. in full.
17 Received credit from Arrow Sportswear for merchandise returned €50.
20 Made sales on account to members €600, terms n/30.
21 Paid Arrow Sportswear in full.
27 Granted credit to members for clothing that had flaws €55.
30 Received payments on account from members €590.
The chart of accounts for the pro shop includes Cash, Accounts Receivable, Inventory, Accounts Payable, Share Capital-Ordinary, Sales Revenue, Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-In.
Instructions
(a) Journalize the April transactions using a periodic inventory system.
(b) Using T-accounts, enter the beginning balances in the ledger accounts and post the April transactions.
(c) Prepare a trial balance on April 30, 2017.
(d) Prepare an income statement through gross profit, assuming merchandise inventory on hand at April 30 is €4,824.
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