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At the beginning of the current season on April 1, the ledger of Granite Hills...

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Accounting

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At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $3,070; Inventory 4,070; and Common Stock S7,140. The following transactions occurred during April 2017 Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. S 1,710, terms 4/10, n/60. 7 Paid freight on Arnie Co. purchases $91. 9 Received credit from Arnie Co. for merchandise returned $410. 10 Sold merchandise on account to members $1,528, terms n/30. 12 Purchased golf shoes, sweaters, and other accessories on account from woods Sportswear $946, terms 2/10, n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $146 20 Made sales on account to members $923, terms n/30 21 Paid Woods Sportswear in full. 27 Granted credit to members for clothing that did not fit properly $91. 30 Received payments on account from members $1,391

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