Oakwood Furniture purchases and sells dining room furniture. Its management uses the perpetual method of inventory accounting. Journalize the following transactions that occurred during April 2003:
Apr. 2 Purchased on account $15,000 of inventory with payment terms 2/10, n/30, and paid $250 in cash to have it shipped from the vendor s warehouse to the Oakwood showroom.
5 Sold inventory costing $3,000 for $5,400 on account.
10 Paid $6,860 on account (from April 2 purchase).
14 Returned two damaged tables purchased on April 2 (costing $800 each) to the vendor.
19 Received payment of $1,000 from customers.
20 Paid the balance of the account from April 2 purchase.
22 Sold inventory costing $6,000 for $7,000 on account.
26 A customer returned a dining room set that she decided didn t match her home. She paid $2,500 for it, and its cost to Oakwood was $1,500. Assuming the balance in the inventory account is $8,000 on April 1, and no other transactions relating to inventory occurred during the month, what is the inventory balance at the end of April?