Using the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Cost of Goods Purchase Returns and Sales Tax Payable Sold Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). • Oct. 4: April Anglers purchases 80 fishing poles at $40 each with cash. DR CR • Oct. 5: April Anglers purchases 120 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5. DR CR Oct. 12: April Anglers discovers 15 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. DR CR • Oct. 13: April Anglers also discovers that 35 of the fishing poles from the October 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $20 per fishing pole. DR CR • Oct. 18: April Anglers pays their account in full from the October 5 purchase. DR DR or CR? CR

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory system:
Accounts Payable|
Merchandise Inventory
Sales
Accounts
Purchases
Sales Discounts
Receivable
Sales Returns and
Cash
Purchase Discounts
Allowances
Cost of Goods
Purchase Returns and
Sales Tax Payable
Sold
Allowances
PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Oct. 4: April Anglers purchases 80 fishing poles at $40 each with cash.
DR
CR
Oct. 5: April Anglers purchases 120 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5.
DR
CR
Oct. 12: April Anglers discovers 15 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund.
DR
CR
Oct. 13: April Anglers also discovers that 35 of the fishing poles from the October 5 purchase are the wrong length but keeps them since the supplier granted an
allowance of $20 per fishing pole.
DR
CR
Oct. 18: April Anglers pays their account in full from the October 5 purchase.
DR
DR or CR?
CR
Transcribed Image Text:Using the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory system: Accounts Payable| Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Cost of Goods Purchase Returns and Sales Tax Payable Sold Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Oct. 4: April Anglers purchases 80 fishing poles at $40 each with cash. DR CR Oct. 5: April Anglers purchases 120 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5. DR CR Oct. 12: April Anglers discovers 15 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. DR CR Oct. 13: April Anglers also discovers that 35 of the fishing poles from the October 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $20 per fishing pole. DR CR Oct. 18: April Anglers pays their account in full from the October 5 purchase. DR DR or CR? CR
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