Data for In the Pines Golf Shop are presented in P5-4A. In P5-4A. Apr. 3 Purchased golf bags, clubs, and balls on account from Balata Corp. for $3,200, terms 1/10, n/30, FOB shipping point. 5 Freight of $286 was paid by the appropriate party on the April 3 purchase from Balata. 7 Sold merchandise on account to members for $9,750, terms n/30. The cost of the merchandise sold was $5,850. 9 Received a $320 purchase allowance from Balata for returned merchandise. 11 Paid Balata in full. 14 Received payments on account from members, $4,150. 16 Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear Limited for $1,300, terms 2/10, n/30. 17 Received a $100 credit from Arrow Sportswear for returned merchandise. 20 Sold merchandise on account to members for $11,100, terms n/30. The cost of the merchandise sold was $6,200. 24 Paid Arrow Sportswear in full. 25 Received payments on account from members, $4,375. 27 Granted an $85 sales allowance to a member for a flaw in the clothing they had purchased. No merchandise was returned. Instructions (a) Record the April transactions for In the Pines Golf Shop, assuming it uses a periodic inventory system instead of a perpetual inventory system. Round all calculations to the nearest dollar. (b) Set up T accounts, enter the opening balances, and post the transactions prepared in part (a). (c) Prepare a trial balance as at April 30. (d) The inventory count on April 30 determined t
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