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Account Titles and Explanation Date Debit Credit Apr. 5 : Inventory Accounts Payable Apr. 7 : Inventory Cash Apr. 9 Accounts Payable Inventory Apr. 10 : Accounts Payable Sales Revenue (To record credit sale) Cost of Goods Sold Inventory (To record cost of goods sold) Apr. 12 Inventory Accounts Payable Apr. 14 : Accounts Payable Cash Inventory Apr. 17 : Accounts Payable Inventory Apr. 20 Accounts Payable Sales Revenue (To record credit sale) Cost of Goods Sold Inventory (To record cost of goods sold) Apr. 21 : Accounts Payable Cash Inventory Apr. 27 Sales Returns and Allowances Accounts Receivable At the beginning of the current season on April 1, the ledger of Wildhorse Pro Shop showed Cash $3,480; Inventory $3,500; and Common Stock $6,980. The following transactions were completed during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,700, terms 2/10, n/60. 7 Paid freight on Arnie purchase $80. 9 Received credit from Arnie Co. for merchandise returned $400. 10 Sold merchandise on account to members $1,430, terms n/30. The merchandise sold had a cost of $790. Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $780, terms 1/10, n/30. Paid Arnie Co. in full. Received credit from Woods Sportswear for merchandise returned $80. Made sales on account to members $850, terms n/30. The cost of the merchandise sold was $550. 12 14 17 20 21 Paid Woods Sportswear in full. Granted an allowance to members for clothing that did not fit properly $85. Received payments on account from members $1,370. 27 30

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