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Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September,
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Pharoah Co. at a total cost of $1,700, terms n/30. 9 Paid freight of s60 on calculators purchased from Pharoah Co. 10 Returned calculators to Pharoah Co. for $63 credit because they did not meet specifications. 12 Sold calculators costing $450 for $610 to Fryer Book Store, terms n/30. 14 Granted credit of $35 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $22. 20 Sold calculators costing $650 for $850 to Heasley Card Shop, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when a Date Account Titles and Explanation Debit Credit Sept. 6 Inventory Accounts Payable Sept. 9 Inventory Cash Sept. 10 Accounts Payable Inventory Sept. 12 Accounts Receivable Sales Revenue (To record sale of calculators on account) Sept. 12 Cost of Goods Sold Inventory (To record cost of calculators sold) Sept. 14 Sales Returns and Allowances Accounts Receivable (To record return of calculator that was not ordered) Sept. 14 Inventory Cost of Goods Sold (To record cost of calculators returned) Sept. 20 Accounts Receivable Sales Revenue (To record sale of calculators on account) Sept. 20 Cost of Goods Sold Inventory (To record cost of calculators sold)
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