Mostafa, a former disc golf star, operates Mostafa’s Discorama. At the beginning of the current season on April 1, the ledger of Mostafa’s Discorama showed
Mostafa, a former disc golf star, operates Mostafa’s Discorama. At the beginning of the current season on April 1, the ledger of Mostafa’s Discorama showed Cash $1,800, Inventory $2,500, and Owner’s Capital $4,300. The following transactions were completed during April. April 5 Purchased golf discs, bags, and other inventory on account from Innova Co. $1,200, FOB shipping point, terms 2/10, n/60. April 7 Paid freight on the Innova purchase $50. April 9 Received credit from Innova Co. for merchandise returned $100. April 10 Sold merchandise on account for $900, terms n/30. The merchandise sold had a cost of $540. April 12 Purchased disc golf shirts and other accessories on account from Lightning Sportswear $670, terms 1/10, n/30. April 14 Paid Innova Co. in full, less discount. April 17 Received credit from Lightning Sportswear for merchandise returned $70. April 20 Made sales on account for $610, terms n/30. The cost of the merchandise sold was $370. April 21 Paid Lightning Sportswear in full, less discount. April 27 Granted an allowance to members for clothing that was flawed $20. April 30 Received payments on account from customers $900. Instructions Journalize the April transactions using periodic inventory system.
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