Review the following transactions for Sandals Golf Club and record any required journal entries, narrations are required.   Sep. 6 Sandals Golf Club purchases 55 golf clubs at $40 each with cash. Sep. 8  Sandals Golf Club purchases 80 golf clubs at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Sep. 10 Sandals Golf Club discovers 10 of the golf clubs are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Sandals Golf Club also discovers that 10 of the golf clubs from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $20 per golf club. Sep. 18 Sandals Golf Club pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Review the following transactions for Sandals Golf Club and record any required journal entries, narrations are required.

 

Sep. 6

Sandals Golf Club purchases 55 golf clubs at $40 each with cash.

Sep. 8

 Sandals Golf Club purchases 80 golf clubs at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8.

Sep. 10

Sandals Golf Club discovers 10 of the golf clubs are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Sandals Golf Club also discovers that 10 of the golf clubs from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $20 per golf club.

Sep. 18

Sandals Golf Club pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts.

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