LO 6.4Review the following sales transactions for April Anglers and record any required journal entries. Oct. 4 April Anglers made a cash sale of 40 fishing poles to customer Billie Dyer at a price of $55 per pole. The cost to April is $33 per pole. Oct. 5 April Anglers sells 24 fishing poles to customer Billie Dyer at a price of $52 per pole on credit. The cost to April is $30 per pole. Terms of the sale are 2/10, n/30, invoice date October 5. Oct. 12 Billie returns seven of the fishing poles from the October 4 purchase to April Anglers for a full refund. April returns these poles to their inventory at the original cost per pole. Billie also discovers that 6 of the fishing poles from the October 5 purchase are the wrong color but keeps them since April granted an allowance of $18 per fishing pole. Oct. 24 April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts

LO 6.4Review the following sales transactions for April Anglers and record any required journal entries. Oct. 4 April Anglers made a cash sale of 40 fishing poles to customer Billie Dyer at a price of $55 per pole. The cost to April is $33 per pole. Oct. 5 April Anglers sells 24 fishing poles to customer Billie Dyer at a price of $52 per pole on credit. The cost to April is $30 per pole. Terms of the sale are 2/10, n/30, invoice date October 5. Oct. 12 Billie returns seven of the fishing poles from the October 4 purchase to April Anglers for a full refund. April returns these poles to their inventory at the original cost per pole. Billie also discovers that 6 of the fishing poles from the October 5 purchase are the wrong color but keeps them since April granted an allowance of $18 per fishing pole. Oct. 24 April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3EB: Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price...

See similar textbooks

Related questions

Q: Jill's dress shop purchaed merchandise worth $1,265 with an invoice date of November 27. Jill paid…

A: Solution: As payment is made with in 15 days of invoice date, , therefore Jill will get cash…

Q: Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Prepare journal entries for the following transactions from Forest Furniture. Oct. 3 Sold 2…

A: Journal Entries records business transactions in chronological manner and it is the first step in…

Q: Review the following transactions for Birdy Birdhouses and record any required journal entries.…

A: Journal Entry: A journal entry is an act of keeping or making records of any transactions either…

Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…

A: Formula: Sales discount = Net sales x Discount rate

Q: Accounting A. Jack has the following purchases for the month of may 2012 May 1 From D. Pope 4 DVDs…

A: Detailed explanation Jack has the following purchases for the month of may, 2012May 1 from D. Pope4…

Q: Backyard World buys plastic pools from a supplier with an invoice amount of $13,500. The terms of…

A: Introduction:- Backyard World buys plastic pools from a supplier Total Invoice amount of $13,500…

Q: Towards the end of winter, a distributor is selling its leather jackets that were listed for $620…

A: a. The $620 initial price of the leather jacket can be subtracted from each subsequent markdown to…

Q: Prepare journal entries for the following transactions from Barrels Warehouse. Jul. Sold 2,000…

Q: Review the following sales transactions for Spinnakers St Lucia Inc. and record any required journal…

A: working notes: cash = 40 *55 =2,200 Cost of Good sold=40 *33 = 1320 Account receivable-=24*52=1,248…

Q: On June 1, Target sold 100 HP laptops to UCF for $500 each with terms of 3/15, n30. On June 11, UCF…

A: Here in the above question, T sold HP laptops on credit to UCF with terms of 3/15, n/30. It means if…

Q: Prepare journal entries. 1. A customer charges a $1,000 purchase on a Visa credit card. Visa charges…

A: Journal entry refers to the recording/ classifying the business transaction into books of accounts…

Q: Sellane Appliances received an invoice dated October 11 with terms 4/10 E.O.M. for the items listed…

A: (a) The term of cash discount is 4/10, end of the month. It means the cash discount is 4% if the due…

Question

PB7.

LO 6.4Review the following sales transactions for April Anglers and record any required journal entries.

Oct. 4	April Anglers made a cash sale of 40 fishing poles to customer Billie Dyer at a price of $55 per pole. The cost to April is $33 per pole.
Oct. 5	April Anglers sells 24 fishing poles to customer Billie Dyer at a price of $52 per pole on credit. The cost to April is $30 per pole. Terms of the sale are 2/10, n/30, invoice date October 5.
Oct. 12	Billie returns seven of the fishing poles from the October 4 purchase to April Anglers for a full refund. April returns these poles to their inventory at the original cost per pole. Billie also discovers that 6 of the fishing poles from the October 5 purchase are the wrong color but keeps them since April granted an allowance of $18 per fishing pole.
Oct. 24	April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Review the following sales transactions for Spinnakers St Lucia Inc. and record any required journal entries, narrations are not required. Oct. 4 Spinnakers St Lucia Inc.made a cash sale of 40 fishing poles to customer Billie at a price of $55 per pole. The cost to Spinnakers St Lucia Inc. is $33 per pole. Oct. 5 Spinnakers St Lucia Inc.sells 24 fishing poles to customer Billie at a price of $52 per pole on credit. The cost to Spinnakers St Lucia Inc. is $30 per pole. Terms of the sale are 2/10, n/30, invoice date October 5. Oct. 12 Billie returns seven of the fishing poles from the October 4 purchase to Spinnakers St Lucia Inc. for a full refund. Spinnakers St Lucia Inc.returns these poles to their inventory at the original cost per pole. Billie also discovers that 6 of the fishing poles from the October 5 purchase are the wrong color but keeps them since Spinnakers St Lucia Inc.granted an allowance of $18 per fishing pole. Oct. 24 Billie pays their account…
PA2. 9.1 Prepare journal entries for the following transactions of Dulce Delights. 10 Sold 320 ice cream buckets with a sales price of $12 per bucket to customer Livia Diaz. Livia paid using her in-house credit account; terms 2/10, n/30. The cost for this sale to Dulce Delights is $4.50 per bucket. 13 Sold 290 ice cream buckets with a sales price of $12.50 per bucket to customer Selene Arnold. Selene paid using her Max credit card. The cost for this sale to Dulce Delights is $4.50 per bucket. Max Credit Card Company charges Dulce Delights a 5% usage fee based on the total sale per transaction. 20 Livia Diaz paid her account in full with a cash payment, less any discounts. 25 Max Credit Card Company made a cash payment in full to Dulce Delights for the transaction from April 13, less any usage fees.
Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of $15 per doll to Rosemary Cummings The cost to Darling Dolls is $5 per doll. Prepare a journal entry under each of the following conditions. Assume Gentry charges a 3.5% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a Gentry credit card.
4. Review the following sales transactions for Birdy Birdhouses and record any required joumal entries. Birdy Birdhouses sells 20 birdhouses to customer Julia Brand at a price of $70 each in exchange for cash. The cost to Birdy is $46 per birdhouse. Birdy Birdhouses sells 30 birdhouses to customer Julia Brand at a price of $68 each on credit The cost of sale for Birdy is $44 per birdhouse. Terms of the sale are 2/10, n/30, invoice date August 12. Julia discovers 6 of the birdhouses are slightly damaged from the August 10 purchase and returns them to Birdy for a full refund Julia also discovers that 10 of Aug. 10 Aug. 12 Aug. 14 the birdhouses from the August 12 purchase are painted the wrong color but keeps them since Birdy granted an allowance of $24 per birdhouse. Julia Aug. 20 her account in full from the August 12 purchase, less any returns, pays allowances, and or discounts.
8. Prepare journal entries for the following transactions from Barrels Warehouse. Jul 1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash The cost for this sale is $18 per barel. Sold 1,200 barrels with a sales price of S32 per barrel to customer Paramount Apparel. Paramount paid using its in house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 Sold 1,400 barrels with a sales price of S31 per barrel to customer Melody Sharehouse Melody paid using her Money Plus credit card The cost for this sale is S18 Jul 3 per barrel Jul 5 barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% per usage fee based on the total sale per transaction. MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees Paramount Apparel paid its account in full with a cash payment, less any discounts. Jul 8 Jul. 13
Prepare journal entries for the following transactions of Dulce Delights. Apr. 10 Sold 350 ice cream buckets with a sales price of $12 per bucket to customer Livia Diaz. Livia paid using her in-house credit account; terms 2/10, n/30. The cost for this sale to Dulce Delights is $4.50 per bucket. Apr. 13 Sold 310 ice cream buckets with a sales price of $13.50 per bucket to customer Selene Arnold. Selene paid using her Max credit card. The cost for this sale to Dulce Delights is $4.50 per bucket. Max Credit Card Company charges Dulce Delights a 5% usage fee based on the total sale per transaction. Apr. 20 Livia Diaz paid her account in full with a cash payment, less any discounts. Apr. 25 Max Credit Card Company made a cash payment in full to Dulce Delights for the transaction from April 13, less any usage fees. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. Apr. 10 To record sale of ice cream buckets 0C Apr. 10 To…
i need the answer quickly
8. Prepare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse, Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction. MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Paramount Apparel paid its account in full with a cash Jul. 3 per barrel. Jul. 5 Jul. 8 Jul. 13 раyment, less any discounts.
PA1. LO 9.1 Prepare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Jul. 3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Jul. 5 Barrels Warehouse a 2% usage fee based on the total sale per transaction. Jul. 8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul. 13 Paramount Apparel paid its account in full with a cash payment, less any…
Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell. Mar. 5 Dish Mart made a cash sale of 10 sets of dishes at a price of $900 per set to customer Emma Purcell. The cost per set is $585 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $900 per set on credit, at a cost to Dish Mart of $585 per set. Terms of the sale are 5/15, n/60, invoice date March 9. Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the dish sets to inventory at their original cost of $585 per set. Mar. 14 Dish Mart sells 7 sets of dishes to Emma for $600 per set on credit, at a cost to Dish Mart of $390 per set. Terms of the sale are 5/10, n/60, invoice date March 14. Mar. 15 Emma discovers that 3 of the dish sets from the March 14 purchase, and 7 of the dish sets from the March 5 sale are missing a few…
Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell. Mar. 5 Dish Mart made a cash sale of 15 sets of dishes at a price of $800 per set to customer Emma Purcell. The cost per set is $520 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/15, n/60, invoice date March 9. Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the dish sets to inventory at their original cost of $520 per set. Mar. 14 Dish Mart sells 5 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/10, n/60, invoice date March 14. Mar. 15 Emma discovers that 3 of the dish sets from the March 14 purchase, and 7 of the dish sets from the March 5 sale are missing a few…
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  Date  Accounts and Explanation  Debit  Credit…