6. Review the following transactions for April Anglers and record any required journal entries. Oct. 4 April Anglers purchases 82 fishing poles at $33 each with cash. Oct. 5 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. Solution Debit Credit Date Accounts and Explanation

6. Review the following transactions for April Anglers and record any required journal entries. Oct. 4 April Anglers purchases 82 fishing poles at $33 each with cash. Oct. 5 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. Solution Debit Credit Date Accounts and Explanation

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 6EB: Blue Barns purchased 888 gallons of paint at $19 per gallon from a supplier on June 3. Terms of the...

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Question

9.
Review the following transactions for April Anglers and record any required journal
entries.
Oct. 4
April Anglers purchases 82 fishing poles at $33 each with cash.
Oct. 5 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.
Solution
Debit
Credit
Date
Accounts and Explanation

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