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    At The Beginning of The Current Tennis Season On April

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    Miroslav Gegoski
    At the beginning of April 2017, Kicked-Back Tennis Shop had an inventory of 50 tennis racquets costing $40 each. Throughout the month, the shop purchased additional racquets, sold racquets to various customers, and saw some returns. By the end of April, inventory levels and accounts with customers had been updated to reflect these transactions.

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    At The Beginning of The Current Tennis Season On April

    Uploaded by

    Miroslav Gegoski
    64 views2 pages
    At the beginning of April 2017, Kicked-Back Tennis Shop had an inventory of 50 tennis racquets costing $40 each. Throughout the month, the shop purchased additional racquets, sold racquets to various customers, and saw some returns. By the end of April, inventory levels and accounts with customers had been updated to reflect these transactions.

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    At the Beginning of the Current Tennis Season on April

    Original Title

    At the Beginning of the Current Tennis Season on April

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    At the beginning of April 2017, Kicked-Back Tennis Shop had an inventory of 50 tennis racquets costing $40 each. Throughout the month, the shop purchased additional racquets, sold racquets to various customers, and saw some returns. By the end of April, inventory levels and accounts with customers had been updated to reflect these transactions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    64 views2 pages

    At The Beginning of The Current Tennis Season On April

    Uploaded by

    Miroslav Gegoski
    At the beginning of April 2017, Kicked-Back Tennis Shop had an inventory of 50 tennis racquets costing $40 each. Throughout the month, the shop purchased additional racquets, sold racquets to various customers, and saw some returns. By the end of April, inventory levels and accounts with customers had been updated to reflect these transactions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    At the beginning of the current tennis season on April

    #8580

    At the beginning of the current tennis season, on April 1, 2017, Kicked-Back Tennis Shop's
    inventory consisted of 50 tennis racquets at a cost of $40 each. Kicked-Back uses a perpetual
    inventory system. The following transactions occurred in April:

    Apr. 2 Purchased 160 additional racquets from Roberts Inc. for $6,400, terms n/30.

    4 Determined that five of the racquets purchased on April 2 were damaged and returned them
    to Roberts Inc. Roberts Inc. credited Kicked-Back's account.

    5 Sold 45 racquets to Tennis Dome for $90 each, terms n/30.

    6 Tennis Dome returned 15 of the racquets after determining it had purchased more racquets
    than it needed. Kicked-Back gave Tennis Dome a credit on its account and returned the
    racquets to inventory.

    10 Sold 40 racquets at $90 each to cash customers.

    12 Ten of these racquets were returned for cash. The customers claimed they never play tennis
    and had no idea how they had been talked into purchasing the racquets. Refunded cash to
    these customers and returned the racquets to inventory.

    17 An additional 10 of the racquets sold on April 10 were returned because the racquets were
    damaged. The customers were refunded cash and the racquets were sent to a local recycler.

    25 Sold 60 racquets to the Summer Club for $90 each, terms n/30.

    29 Summer Club returned 25 of the racquets after the tennis pro had examined them and
    determined that these racquets were of inferior quality. Kicked-Back gave Summer Club a credit
    and decided to return the racquets to inventory with plans to sell them for the reduced price of
    $75 each.

    Instructions

    (a) Record the transactions for the month of April for Kicked-Back.

    (b) Create T accounts for Sales, Sales Returns and Allowances, Cost of Goods Sold, and
    Merchandise Inventory. Post the opening balance and April's transactions, and calculate the
    April 30 balances.

    Taking It Further

    1/2
    Assume that the owner of Kicked-Back hired an employee to run the store and is not involved in
    operating the business. The owner wants to know the amount of net sales and gross profit for
    the month. Will the owner be missing any important information by requesting only these two
    numbers? Explain.

    At the beginning of the current tennis season on April

    ANSWER
    http://paperinstant.com/downloads/at-the-beginning-of-the-current-tennis-season-on-april/

    2/2
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