PB7. LO 6.4Review the following sales transactions for April Anglers and record any required journal entries.Oct. 4April 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. 5April 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. 12Billie 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. 24April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts.

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Answered: LO 6.4Review the following sales…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 11EA: Record the journal entry or entries for each of the following sales transactions. Glow Industries...

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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.

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