Answer:
Explanation:
1. Journal entries for the month of April 2017
Apr.5
Dr Inventory 1300
Cr Accounts Payable 1300
(Purchase of goods on account from Hogan)
Apr.5
Dr Inventory 50
Cr Cash 50
(Freight charges on purchases)
Apr.9
Dr Accounts Payable 100
Cr Inventory 100
(Credit received for returned goods from Hogan)
Apr.10
Dr Accounts Receivable 880
Cr Sales 880
(Sales of goods on account)
Apr.12
Dr Inventory 750
Cr Accounts Payable 750
(Purchase of goods on account from Duffer)
Apr.14
Dr Accounts Payable 1200
Cr Cash 1176
Cr Inventory 24
(Payment made to Hogan in full)
Apr.17
Dr Accounts Payable 50
Cr Inventory 50
(Credit received for returned goods from Duffer)
Apr.20
Dr Accounts Receivable 880
Cr Sales 880
(Sales of goods on account)
Apr.21
Dr Accounts Payable 700
Cr Cash 693
Cr Inventory 7
(Payment made to Duffer in full)
Apr.27
Dr Sales 30
Cr Accounts Receivable 30
(Credit granted to customers for flaws in goods)
Apr.30
Dr Cash 850
Cr Accounts Receivable 850
(Payment received from custmers on account)
2. T accounts calculation is attached with this answer
3. KOKOTT PRO SHOP
Trial balance as at April 30, 2017
Account Debit Credit
Cash 2731
Accounts Receivable 6219
Inventory 880
Common Stock 8100
Sales 1730
T o t a l 9830 9830
4. KOKOTT PRO SHOP
Income statement for the month ending April 30, 2017
Sales Revenue 1730
Cost of goods sold (6,219 - 5,469) 750
Gross profit 980
