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Enter the beginning balances in the ledger accounts and post the April transactions.

Problem 5 04A a-c (Part Level Submission) Concord Hagen, a former disc golf star, operates Concord's Discorama. At the beginning of the current season on April 1, the ledger of Concord's Discorama showed Cash $2,000, Inventory $2,400, and Owner's Capital $4,400. The following transactions were completed during April. Apr. Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,150, FOB shipping 5 point, terms 2/10, n/60. 7 Paid freight on the Mumford purchase $40. 9 Received credit from Mumford Co. for merchandise returned $200. 10 Sold merchandise on account for $920, terms n/30. The merchandise sold had a cost of $552. 12 Purchased disc golf shirts and other accessories on account from Saucer Sportswear $665, terms 1/10, n/30. 14 Paid Mumford Co. in full, less discount. 17 Received credit from Saucer Sportswear for merchandise returned $65. 20 Made sales on account for $630, terms n/30. The cost of the merchandise sold was $400. 21 Paid Saucer Sportswear in full, less discount. 27 Granted an allowance to customers for clothing that was fla 20. 30 Received payments on account from customers $840. The chart of accounts for the store indudes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold. (a) (b) Enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries presented in the previous part.) Cash Explanation Ref. No. 101 Balance Date Debit Credit Balance 31 JI 31 J1 Accounts Receivable No. 112 No. 112 Accounts Receivable Explanation Ref. Debit Date Credit Balance J1 J1 31 31 Inventory Explanation Ref. Debit No. 120 Balance Date Credit Balance J1 J1 J1 J1 J1 J1 J1 11 J1 Accounts Payable Explanation Ref. Debit No. 201 Balance Date Credit J1 31 31 21 No. 201 Accounts Payable Explanation Ref. Debit Date Credit Balance 31

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