en Using the accounts listed below, review the following transactions for April Anglers and record any...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
en Using the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory system: Accounts Payable Merchandise Inventory Accounts Receivable Cash Cost of Goods Sold Purchases CR Purchase Discounts Purchase Returns and Allowances Sales Sales Discounts Sales Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). . Oct. 4: April Anglers purchases 80 fishing poles at $40 each with cash. DR de the purchase are 3/15, n/30, invoice date October 5. DR CR • Oct. 12: April Anglers discovers 15 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. DR • CR Oct. 13: April Anglers also discovers that 35 of the fishing poles from the October 4 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $20 per fishing pole. DR CR ● Oct. 18: April Anglers pays their account in full from the October 5 purchase. DR DR or CR? CR 20 en Using the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory system: Accounts Payable Merchandise Inventory Accounts Receivable Cash Cost of Goods Sold Purchases CR Purchase Discounts Purchase Returns and Allowances Sales Sales Discounts Sales Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). . Oct. 4: April Anglers purchases 80 fishing poles at $40 each with cash. DR de the purchase are 3/15, n/30, invoice date October 5. DR CR • Oct. 12: April Anglers discovers 15 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. DR • CR Oct. 13: April Anglers also discovers that 35 of the fishing poles from the October 4 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $20 per fishing pole. DR CR ● Oct. 18: April Anglers pays their account in full from the October 5 purchase. DR DR or CR? CR 20
Expert Answer:
Answer rating: 100% (QA)
Journal Entries are as follows i Oct 4 In April Anglers purchase 80 fishing poles at 40 each with ca... View the full answer
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Posted Date:
Students also viewed these accounting questions
-
Review the following transactions for April Anglers and record any required journal entries. Oct. 4 Oct. 5 April Anglers purchases 82 fishing poles at $33 each with cash. April Anglers purchases 116...
-
Review the following transactions for April Anglers and record any required journal entries. Oct. 4 Oct. 5 Oct. 12 Oct. 24 April Anglers purchases 82 fishing poles at $33 each with cash. April...
-
Review the following sales transactions for April Anglers and record any required journal entries. Oct. 4 Oct. 5 Oct. 12 Oct. 24 April Anglers made a cash sale of 40 fishing poles to customer Billie...
-
1. The Jarmon Company manufactures and sells a line of exclusive sportswear. Prepare a financial position as at 31st December 2022 from the following information. Account Receivable Long term loan...
-
Light of wavelength 600 nm falls on a 0.40-mm-wide slit and forms a diffraction pattern on a screen 1.5 m away. (a) Find the position of the first dark band on each side of the central maximum. (b)...
-
Refer to the information in Multiple-Choice Exercise 8-10. The economic order quantity (EOQ) for Product C is a. 500. b. 600. c. 700. d. 800. e. 1,000.
-
Derive Eq. (14.46) from Eq. (14.45). Equation 14.46 and 14.45:- 00 T/2 Cn * [cos(n - m)wt + i sin (n - m)w] dt (14.45) T/2
-
A local nursery, Greens, uses 1560 bags of plant food annually. Greens works 52 weeks per year. It costs $10 to place an order for plant food. The annual holding cost rate is $5 per bag. Lead time is...
-
We will be using a Pierce BCA protein assay kit to determine the protein concentration in non-fat dry milk. First, you will be preparing the standard solutions using 2 mg/mL Bovine Serum Albumin...
-
The master budget at Cherrylawn Corporation at the beginning of the year was based on sales of 275,000 units with revenues of $3,300,000. Total variable costs were budgeted at $1,925,000 and fixed...
-
What will be the output for the following program? #include using namespace std; int main() { } int a = 2; int b = -1; for (b= 5; b> 0; b--) { *= b; } a cout
-
A soccer ball is made up of 12 pentagonal panels surrounded by 5 hexagons. Each hexagon is surrounded by alternating hexagons and pentagons. How many hexagons are there? How many lines separate the...
-
If constructivism aims to provide context for learning, how can teachers provide context for very young students who do not have a framework for learning? Provide an example.
-
Mean diameter of holes produced by a drilling machine bit is 4.05 mm and the standard deviation of the diameters is 0.0028 mm. For twenty holes drilled using this machine, determine, correct to the...
-
How security is maintained within the RSA encryption method. Is it possible to crack RSA encryption and if so how? What precautions can be taken to ensure the security of RSA encryption.?
-
A tile is initially lying on a roof at a height of 20 m above the ground. A bird lands on the roof, pushing the tile off the roof, which then falls onto the ground. If the tile has a mass of 2 kg,...
-
Assume that the assumptions of the CAPM hold. The expected return and the standard deviation of the market portfolio are 7% and 14%, respectively. There are two individual stocks A and B: Mean A 4% B...
-
Given find the value of k. es 1 e kx dx = 1 4'
-
What insights can be gained from inventory ratio analysis, such as inventory turnover ratio and number of days sales in inventory ratio?
-
Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe...
-
What function does the statement of cash flows serve, as one of the four basic financial statements?
-
For an ideal solution, isotherm on an enthalpy-concentration diagram will be (a) Parabola (b) Hyperbola (c) Sine curve (d) Straight line
-
For a reversible process, change in entropy of the system (a) Approaches to zero (b) Increases (c) Decreases (d) Remains constant
-
For a multi-component system, the chemical potential is equivalent to (a) Molar free energy (b) Molar concentration difference (c) Molar free energy change (d) Partial molar free energy
Study smarter with the SolutionInn App