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    P5-3B

    Uploaded by

    Giang Hoàng
    The document summarizes the transactions of Connors' Tennis Shop for April. It includes journal entries recording purchases, sales, expenses and payments. It also includes a trial balance, income statement and various account schedules for cash, accounts receivable, inventory and other accounts. The financial statements show net sales of $1,380, cost of goods sold of $920 and gross profit of $460 for the month.

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    © All Rights Reserved
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    P5-3B

    Uploaded by

    Giang Hoàng
    28 views6 pages
    The document summarizes the transactions of Connors' Tennis Shop for April. It includes journal entries recording purchases, sales, expenses and payments. It also includes a trial balance, income statement and various account schedules for cash, accounts receivable, inventory and other accounts. The financial statements show net sales of $1,380, cost of goods sold of $920 and gross profit of $460 for the month.

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    11211752_P5-3B

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    The document summarizes the transactions of Connors' Tennis Shop for April. It includes journal entries recording purchases, sales, expenses and payments. It also includes a trial balance, income statement and various account schedules for cash, accounts receivable, inventory and other accounts. The financial statements show net sales of $1,380, cost of goods sold of $920 and gross profit of $460 for the month.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    28 views6 pages

    P5-3B

    Uploaded by

    Giang Hoàng
    The document summarizes the transactions of Connors' Tennis Shop for April. It includes journal entries recording purchases, sales, expenses and payments. It also includes a trial balance, income statement and various account schedules for cash, accounts receivable, inventory and other accounts. The financial statements show net sales of $1,380, cost of goods sold of $920 and gross profit of $460 for the month.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 6

    P5-3B

    a) Accounts
    4-Apr Inventory
    Account payable
    (To record goods purchased from Rawling Co.)
    6-Apr Freight-in
    Cash
    (To record paid cash for freight from Rawling Co.)
    8-Apr Account receivable
    Sales revenue
    (To record merchandise sold to members)
    Cost of goods sold
    Inventory
    10-Apr Account payable
    Purchase returns and allowances
    (To record credit for damaged racquets from Rawling Co.)
    11-Apr Inventory
    Account payable
    (To record purchase of tennis shoes from Fast Feet)
    13-Apr Account payable
    Purchase discount
    Cash
    (paid Rawling Co. in full)
    14-Apr Inventory
    Account payable
    (To record tennis shirts n shorts purchased from Armour Sportwear)
    15-Apr Account payable
    Purchase returns and allowances
    (To record credit for damaged racquets from Rawling Co.)
    17-Apr Freight-in
    Cash
    (To record paid cash for freight from Armour Sportwear)
    18-Apr Account receivable
    Sales revenue
    (To record merchandise sold to members)
    Cost of goods sold
    Inventory
    20-Apr Cash
    Account receivable
    (To record cash received from members)
    21-Apr Account payable
    Purchase discount
    Cash
    27-Apr Sales returns and allowances
    Account receivable
    (To record $30 granted)
    30-Apr Cash
    Account receivable
    (To record cash received from members)
    b)
    General ledger
    Cash
    Bal 3,500
    20-Apr 500 6-Apr 60
    30-Apr 550 13-Apr 539
    17-Apr 60
    21-Apr 1,261
    Bal 2,630

    Accounts receivable
    8-Apr 750 20-Apr 500
    18-Apr 660 27-Apr 30
    30-Apr 550
    Bal 330

    Inventory
    Bal 1,700
    4-Apr 980 8-Apr 480
    14-Apr 1,300 18-Apr 440
    11-Apr 300
    Bal 3,360
    Accounts payable
    10-Apr 130 4-Apr 980
    13-Apr 550 11-Apr 300
    15-Apr 50 14-Apr 1,300
    21-Apr 1,300

    Bal 550
    Common stock
    Bal 5,200
    Bal 5,200

    c) Connors' Tennis Shop


    Trial balance
    30-Apr-14
    Accounts title Debit
    Cash 2,630
    Accounts receivable 330
    Inventory 3,360
    Accounts payable
    Common stock
    Sales revenue
    Purchases returns and allowances
    Sales returns and allowances 30
    COGS 920
    Purchase discounts
    Freight-in 120
    7,390

    d) Connors' Tennis Shop


    Income statement
    For the month ended April 30, 2014
    Sales
    Sales revenue
    Less: Sales returns and allowances
    Net sales
    Cost of goods sold
    Inventory 3,360
    Less: Purchase returns and allowances (180)
    Purchase discount (50)
    Add: Freight-in 120
    Total COGS
    Gross profit
    Debit Credit
    980
    980

    60
    60

    750
    750

    480
    480
    130
    130

    300
    300

    550
    11
    539

    1,300
    1,300

    50
    50

    60
    60

    660
    660

    440
    440
    500
    500

    1,300
    39
    1,261
    30
    30

    550
    550

    Sales revenue
    8-Apr 750
    18-Apr 660
    Bal 1410
    Purchases returns and allowances
    15-Apr 50
    10-Apr 130
    Bal 180

    Sales returns and allowances


    27-Apr 30
    Bal 30

    COGS
    8-Apr 480
    18-Apr 440
    Bal 920

    Purchase discounts
    13-Apr 11
    21-Apr 39
    Bal 50

    Freight-in
    6-Apr 60
    17-Apr 60
    Bal 120
    Credit

    550
    5,200
    1410
    180

    50

    7390

    1410
    (30)
    1380

    3,250
    (1,870)

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