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
Review the following transactions for April Anglers and record any required
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Oct. 4 |
April Anglers purchases 82 fishing poles at $33 each with cash. |
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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. |
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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. |
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Oct. 24 |
April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts. |
Solution
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Date |
Accounts and Explanation |
Debit |
Credit |
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Page Break
10 Record journal entries for the following transactions of Furniture Warehouse.
- Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.
- Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost.
- Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000.
- Aug. 18: Customer paid their account in full with cash.
Solution
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Date |
Accounts and Explanation |
Debit |
Credit |
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Aug 3 |
Account Receivable |
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