On April 1, the ledger of Tamara shop showed Cash $3,000, Inventory $4,000, and Owner’s Capital $7,000. These transactions occurred during April 2020. Apr. 5 Purchased bags on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, n/60. 7 Paid freight on Tiger Co. purchases $50. 9 Received credit from Tiger Co. for merchandise returned $100. 10 Sold merchandise on account to customers $600, terms n/30. 12 Purchased golf shoes, sweaters, and other accessories on account from Classic Sportswear $450, terms 1/10, n/30. 14 Paid Tiger Co. in full. 17 Received credit from Classic Sportswear for merchandise returned $50. 20 Made sales on account to customers $600, terms n/30. 21 Paid Classic Sportswear in full. 27 Granted credit to customers for clothing that had flaws $35. 30 Received payments on account from customers $600. The chart of accounts for the Tamara shop includes Cash, Accounts Receivable, Inventory, Accounts Payable, Owner’s Capital, Sales Revenue, Sales Returns and Allowances, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-In. Required: Journalize the April transactions using a periodic inventory system
On April 1, the ledger of Tamara shop showed Cash $3,000, Inventory $4,000, and Owner’s Capital $7,000. These transactions occurred during April 2020.
Apr. 5 Purchased bags on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, n/60.
7 Paid freight on Tiger Co. purchases $50.
9 Received credit from Tiger Co. for merchandise returned $100.
10 Sold merchandise on account to customers $600, terms n/30.
12 Purchased golf shoes, sweaters, and other accessories on account from Classic Sportswear $450, terms 1/10, n/30.
14 Paid Tiger Co. in full.
17 Received credit from Classic Sportswear for merchandise returned $50.
20 Made sales on account to customers $600, terms n/30.
21 Paid Classic Sportswear in full. 27 Granted credit to customers for clothing that had flaws $35.
30 Received payments on account from customers $600.
The chart of accounts for the Tamara shop includes Cash,
Required:
Journalize the April transactions using a periodic inventory system
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