At the beginning of the current season on April 1, the ledger of Riverbed's Discorama showed Cash $1,800, inventory $2.400, and Owner's Capital $4,200. The following transactions were completed during April 2022. Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,200, FOB shipping point, terms 2/10, n/60. Apr. 5 7. Paid freight on the Mumford purchase $50. 9. Received credit from Mumford Co. for merchandise returned $100. 10 Sold merchandise on account for $980, terms n/30, The merchandise sold had a cost of $588. 12 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $640, terms 1/10, n/30. 14 Paid Mumford Co. in full, less discount. 17 Received credit from Saucer Sportswear for merchandise returned $40. 20 Made sales on account for $700, terms n/30, The cost of the merchandise sold was $400. 21 Paid Saucer Sportswear in full, less discount. Granted an allowance to customers for clothing that did not fit $10

At the beginning of the current season on April 1, the ledger of Riverbed's Discorama showed Cash $1,800, inventory $2.400, and Owner's Capital $4,200. The following transactions were completed during April 2022. Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,200, FOB shipping point, terms 2/10, n/60. Apr. 5 7. Paid freight on the Mumford purchase $50. 9. Received credit from Mumford Co. for merchandise returned $100. 10 Sold merchandise on account for $980, terms n/30, The merchandise sold had a cost of $588. 12 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $640, terms 1/10, n/30. 14 Paid Mumford Co. in full, less discount. 17 Received credit from Saucer Sportswear for merchandise returned $40. 20 Made sales on account for $700, terms n/30, The cost of the merchandise sold was $400. 21 Paid Saucer Sportswear in full, less discount. Granted an allowance to customers for clothing that did not fit $10

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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