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 in full from the October 5 purchase, less any returns, allowances, and/or discounts.
Review the following sales transactions for Spinnakers St Lucia Inc. and record any required
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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. |
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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. |
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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. |
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Oct. 24 |
Billie pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts. |
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