Introduction: Forty‐Love Tennis Company is a retail store corporation. The compa

Introduction: Forty‐Love Tennis Company is a retail store corporation. The company is owned by Philip Yur‐Karte, the only shareholder (to be). Phil has asked you to keep the records for the shop, and to prepare its financial statements at the end of the month. You decide to use a simple manual accounting system consisting of:
· A General Journal
· A General Ledger
Books of the company are adjusted and closed, with financial statements prepared on a monthly basis. Reversing entries ARE NOT made.
The General Ledger is empty, as this is the first month of operations. It is March, the start of the busiest tennis season of the year, and there are going to be many entries to reflect all the activity necessary to get the business started.
Forty‐Love will sell merchandise inventory to two types of customers:
· Walk‐in customers: These are customers who come to the physical store location, browse the selection of merchandise inventory, and purchase goods while onsite. Forty‐Love decides to accept CASH ONLY for in‐person sales to walk‐in customers.
· Online customers: These customers place orders on account. Sales of merchandise inventory which are made on account are made on strict terms of 2/10, N/30, unless otherwise stated.
Additionally, purchases of merchandise inventory are made on strict terms of 2/10, N/30, unless otherwise stated.
You have decided to account for sales and purchases using the GROSS METHOD. Use the perpetual inventory system to account for inventory.
Forty‐Love depreciates assets according to the straight‐line method of depreciation, and uses the half‐ month convention for asset purchases occurring during the month.
Forty‐Love hires one employee – A. Roddick, who works in the retail store as a salesperson.

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