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

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 2PA: Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32...

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: ULU Hypermarket on March 1st, 2020, sells food product on account to Al Faiha Farm for RO 5,000. The…

A: given that sales are made on Account. sales of RO5000 made on March 1st, 2020. Al Faiha returned…

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: Essence of Skunk Fragrances, Limited, sells 4,000 units of its perfume collection each year at a…

A: The average collection period indicates the number of days of sales to be collected. The accounts…

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…

Q: 1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15…

A: The companies record all the transactions, primarily in the books of the general journals. Journal…

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.
3. Review the following sales transactions for Birdy Birdhouses and record any required journal entries. Birdy Birdhouses sells 20 birdhouses to customer Julia Brand at a price of $114 each in exchange for cash. The cost to Birdy is $14 per birdhouse. Jullia discovers 6 of the birdhouses are slightly damaged from the August 10 purchase and returns them to Birdy for a full refund. Aug. 10 Aug. 14
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.
Record the following sales transactions of Money Office Supplies. Apr. 4 Made a cash sale to a customer for 15 chairs at a sales price of $80 per chair. The cost to Money Office Supplies is $55 per chair. Shipping charges are an extra $4 cash per chair and are not subject to discount. Terms of the sale are FOB Shipping Point. Apr. 9 Sold 20 chairs on credit for $85 per chair to a customer. The cost per chair to Money Office Supplies is $50 per chair. Shipping charges are an extra $4.50 cash per chair and are not subject to discount. Terms of the sale are 3/10, n/30, FOB Destination, invoice dated April 9. Apr. 19 The customer pays in full for their purchase on April 9.
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
Make a Sales journal entries for the following: EA11. L0 6.4 Record the journal entry or entries for each of the following sales transactions. Glow Industriessells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms ofthe sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrongcolor and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights,less the allowance. Check Figures:• May 9th entry should include a credit toInventory of $5,520• May 21st entry should include a credit toA/R for $9,100 I've attached the exa exercise below to support for your work ?
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.
PB15. LO 6.7 Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Bella Davies. Apr. 5 Dish Mart made a cash sale of 22 sets of cutlery to Bella Davies for $330 per set. The cost per set to Dish Mart is $125 per set. Apr. 9 Dish Mart sells 14 sets of cutlery to Bella Davies on credit for $345 per set, with a cost to Dish Mart of $120 per set. Terms of the sale are 2/15, n/60, invoice date April 9. Apr. 13 Bella discovers 9 of the cutlery sets are damaged from the April 9 sale and returns them to Dish Mart for a full refund. Apr. 14 Bella purchases 18 sets of cutlery for $275 per set on credit, at a cost to Dish Mart of $124 per set. Terms of the sale are 2/10, n/60, invoice date April 14. Apr. 15 Bella discovers that 5 of the cutlery sets from the April 14 purchase and 10 of the cutlery sets from the April 5 purchase are missing a few spoons but keeps them since Dish Mart granted an…