6. 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 Debit Credit Date Accounts and Explanation

Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.

On June 1, Lupita Candy Supplies sells 1,250 candy buckets to a local school at a sales price of $10 per bucket. The cost to Lolita is $2 per bucket. The terms of the sale are 2/10, n/60, with an invoice date of June 1. Create the journal entries for Lupita to recognize the following transactions. A. the initial sale B. the subsequent customer payment on July 12

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Journalize the following selected transactions of Mirmax Rentals. Omit explanations. Aug. 1 Purchased two new saws on credit at $425 each.  The saws are added to Mirmax’s rental inventory. Payment is due in 30 days.         8 Accepted advance deposits of $125 for tool rentals that will be applied to the cash rental when the tools are returned.         20 Charged customers $1,250 on account for tool rentals. Payment is due within 30 days.         31 Paid utility bill for the month, $180.         31 Received $600 in payments from the customers that were billed for rentals on August 20.

Ariel Enterprises purchases 32 cellular telephones on credit from a manufacturer on November 3 at a price of $400 per phone. Terms of the purchase are 3/5, n/30 with an invoice date of November 3. Ariel Enterprises pays in full for the phones on November 6. Create the journal entries for Ariel Enterprises for the following transactions. A. the initial purchase B. the subsequent payment on November 6

Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following transactions take place during the current year: A. On April 5, the company purchases 400 parts for $8.30 per part, on credit. Terms of the purchase are 4/ 10, n/30, invoice dated April 5. B. On May 5, Air Compressors does not pay the amount due and renegotiates with the supplier. The supplier agrees to $400 cash immediately as partial payment on note payable due, converting the debt owed into a short-term note, with a 7% annual interest rate, payable in three months from May 5. C. On August 5, Air Compressors pays its account in full. Record the journal entries to recognize the initial purchase, the conversion plus cash, and the payment.

These transactions occurred during the second half of January. Continue theGeneral Journal where you left off in the previous chapter. Be sure to account forHST as indicated.20—Jan. 16 Bought advertising space in the local community newspaper, $125plus 13% HST. Issued Cheque #7.16 Paid shipping costs on the merchandise bought on the 5th, $85plus HST. Issued Cheque #8.17 Paid transportation cost for new paint mixer and colour dispenserbought on the 9th and delivered from Toronto. Issued Cheque #9for $84.75 (includes $9.75 HST).20 Cash sales: paint and supplies, $2,500; wallpaper, $2,000; plus HST.21 Paid delivery costs for paint and supplies delivered to our customer,$60 plus HST. Cheque #10.26 Bought paint and supplies, $8,500 plus HST. Cheque #11.26 Paid the shipping on paint and supplies bought today, $45 plusHST. Cheque #12.30 Cash sales: paint and supplies, $3,000; wallpaper, $1,000; plus HST.AT MONTH-ENDPost these entries to the ledger accounts and prepare a trial balance on…

On February 33​, the billing​ date, Carol Ann Bluesky had a balance due of ​$122.39122.39 on her credit card. Her bank charges an interest rate of​ 1.25% per month and uses the average daily balance method. She made the transactions described in the table during the month. Feb. 88 ​Charge: Art supplies ​$21.2721.27 Feb. 1212 Payment ​$90.0090.00 Feb. 2323 ​Charge: Flowers delivered ​$62.5462.54 Feb. 2525 ​Charge: Music CD ​$10.9210.92 ​a) Find Carol​ Ann's average daily balance for the billing period from February 33 to March 33. Assume it is not a leap year. ​b) Find the finance charge to be paid on March 33. ​c) Find the balance due on March 33. ​d) Compare the result obtained to those obtained using the previous balance method.       Question content area bottom Part 1 ​a) The average daily balance for the billing period was ​$enter your response here. ​(Round to the nearest cent as​ needed.)

Emperor Pool Services provides pool cleaning and maintenance services to residential clients. It offers a one-year warranty on all services. Review each of the transactions, and prepare any necessary journal entries for each situation. A. March 31: Emperor provides cleaning services for fifteen pools during the month of March at a sales price per pool of $550 cash. Emperor records warranty estimates when sales are recognized and bases warranty estimates on 2% of sales. B. April 5: A customer files a warranty claim that Emperor honors in the amount of $100 cash. C. April 13: Another customer, J. Jones, files a warranty claim that Emperor does not honor due to customer negligence. D. June 8: J. Jones files a lawsuit requesting damages related to the dishonored warranty in the amount of $1,500. Emperor determines that the lawsuit is likely to end in the plaintiffs favor and the $1,500 is a reasonable estimate for damages.