Review the following transactions for April Anglers and record any required journal entries. Oct. 4 Oct. 5
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Review the following transactions for April Anglers and record any required journal entries.
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Oct. 4 Oct. 5 April Anglers purchases 82 fishing poles at $33 each with cash. April Anglers purchases 116 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5. Oct. 12 April discovers 18 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. April also discovers that 32 of the fishing poles from the October 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $15 per fishing pole. Oct. 24 April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts.
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Oct 4 Debit Inventory 82 fishing poles x 33 2646 Credit Cash 2646 Oct 5 ...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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