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2. On September 1, New England Patriots Gift shop had an inventory of 30 elite jersey shirts at a cost of $18 each. The company
2. On September 1, New England Patriots Gift shop had an inventory of 30 elite jersey shirts at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6: Purchased 80 elite jersey shirts at $17 each from NFL shop for cash. Sept. 9: Paid freight of $80 on elite jersey shirts purchased from NFL shop. Sept. 10: Returned 2 elite jersey shirts to NFL shop for $36 credit (which includes freight) because they did not meet the specifications. Sept. 12: Sold 26 elite jersey shirts costing $18 (including freight) for $31 each to the Patriots Fan Club, terms n/30. Sept. 14: Granted credit of $31 to the Patriots Fan Club for the return of one elite jersey shirt that was not ordered. Sept. 20: Sold 30 elite jersey shirts costing $18 for $31 each to Mr. Red Sox, terms n/30. Instructions Journalize the September transactions
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