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Accounts Receivable and Merchandise Inventory

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Accounts Receivable and Merchandise Inventory
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 J1
|Date | |Account Titles and Explanation | |Ref. | |Debit | |Credit |
|Apr. 4 | |Merchandise Inventory | |120 | | 840 | | |
| | |Accounts Payable | |201 | | | | 840 |
| | | | | | | | | |
| 6 | |Merchandise Inventory | |120 | | 40 | | |
| | |Cash | |101 | | | | 40 |
| | | | | | | | | |
| 8 | |Accounts Receivable | |112 | |1,150 | | |
| | |Sales | |401 | | | |1,150 |
| | | | | | | | | |
| | |Cost of Goods Sold | |505 | | 790 | |
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