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P5-4A J. Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner's Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and J. Hafner, Capital $4,200. The following transactions were completed during April. (a) General Journal Date Apr. 4 6 8 10 11 13 14 15 17 18 J1 Account Titles and Explanation Merchandise Inventory ........................................... Accounts Payable ........................................... Ref. 120 201 Debit 840 Merchandise Inventory ........................................... Cash................................................................. 120 101 40 Accounts Receivable ................................................ Sales................................................................. 112 401 1,150 Cost of Goods Sold ................................................... Merchandise Inventory ................................. 505 120 790 Accounts Payable ..................................................... Merchandise Inventory ................................. 201 120 40 Merchandise Inventory ........................................... Cash................................................................. 120 101 420 Accounts Payable ($840 – $40) ............................... Merchandise Inventory ................................. ($800 X 2%) Cash................................................................. 201 120 800 Merchandise Inventory ........................................... Accounts Payable ........................................... 120 201 900 Cash 50 Merchandise Inventory ................................. 101 120 Merchandise Inventory ........................................... Cash................................................................. 120 101 30 Accounts Receivable ................................................ 112 810 Credit 840 40 1,150 790 40 420 16 101 784 900 50 30 Date Apr. 20 21 27 30 Sales................................................................. 401 810 Cost of Goods Sold ................................................... Merchandise Inventory ................................. General Journal 505 120 530 Account Titles and Explanation Cash Accounts Receivable .................................... Ref. 101 112 Debit 500 Accounts Payable ................................................... Merchandise Inventory ............................... ($900 X 3%) Cash ............................................................... 201 120 900 Sales Returns and Allowances .............................. Accounts Receivable .................................... 412 112 30 Cash 101 112 660 530 J1 500 27 101 Accounts Receivable .................................... Credit 873 30 660 (b) Cash No. 101 Date Apr. Explanation 1 6 11 13 15 17 20 21 30 Ref. Debit Credit Balance J1 J1 J1 J1 J1 J1 J1 J1 40 420 784 50 30 500 873 660 Accounts Receivable Date Apr. Explanation 8 18 20 Balance 2,500 2,460 2,040 1,256 1,306 1,276 1,776 903 1,563 No. 112 Ref. Debit J1 J1 J1 1,150 810 Credit Balance 500 1,150 1,960 1,460 27 30 Merchandise Inventory Date Apr. Explanation 1 4 6 8 10 11 13 14 15 17 18 21 J1 J1 Ref. 30 660 Debit Credit Balance J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 840 40 790 40 420 16 900 50 30 530 27 Accounts Payable Date Apr. Explanation 4 10 13 14 21 Ref. J1 J1 J1 J1 J1 Apr. Explanation 1 Debit Apr. 1,700 2,540 2,580 1,790 1,750 2,170 2,154 3,054 3,004 3,034 2,504 2,477 Credit Balance 840 840 800 0 900 0 40 800 900 900 No. 311 Ref. Debit Credit Balance Balance 4,200 Sales Date Balance No. 201 Common Stock Date 1,430 770 No. 120 No. 401 Explanation 8 18 Sales Returns and Allowances Ref. J1 J1 Debit Credit Balance 1,150 810 1,150 1,960 No. 412 Date Apr. Explanation 27 Ref. J1 Debit Credit 30 30 Cost of Goods Sold Date Apr. (c) Explanation 8 18 Balance No. 505 Ref. J1 J1 Debit Credit 790 530 Balance 790 1,320 HAFNER’S TENNIS SHOP Trial Balance April 30, 2008 Cash.................................................................................................. Accounts Receivable ....................................................................... Merchandise Inventory .................................................................. Common Stock ................................................................................ Sales.................................................................................................. Sales Returns and Allowances ....................................................... Cost of Goods Sold .......................................................................... Debit $1,563 770 2,477 Credit $4,200 1,960 30 1,320 $6,160 $6,160
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