Using the accounts listed below, review the following transactions for April Anglers and record any required...
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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 Purchase Discounts CR Purchase Returns and Allowances Sales Sales Discounts 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). Sales Returns and Allowances Sales Tax Payable Oct. 4: April Anglers purchases 80 fishing poles at $40 each with cash. DR . Oct. 5: April Anglers purchases 120 fishing poles at $30 each on credit. Terms of 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 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $20 per fishing pole. DR CR de n • Oct. 13: April Anglers also discovers that 35 of the fishing poles from the October 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $20 per fishing pole. DR CR • Oct. 18: April Anglers pays their account in full from the October 5 purchase. DR DR or CR? CR Using the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory. system: Accounts Payable Merchandise Inventory Accounts Receivable Cash Cost of Goods Sold · Purchases Purchase Discounts CR Purchase Returns and Allowances Sales Sales Discounts PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Sales Returns and Allowances Sales Tax Payable Oct. 4: April Anglers purchases 80 fishing poles at $40 each with cash. DR . Oct. 5: April Anglers purchases 120 fishing poles at $30 each on credit. Terms of 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 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $20 per fishing pole. DR CR de n • Oct. 13: April Anglers also discovers that 35 of the fishing poles from the October 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
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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
Posted Date:
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