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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 9 10 12 Purchased calculators from Sandhill Co. at a total cost of $1,617, on account, terms n/30. Paid freight of $49 on calculators purchased from Sandhill Co. Returned calculators to Sandhill Co. for $62 credit because they did not meet specifications. Sold calculators costing $506 for $678 to Wildhorse Book Store, on account, terms n/30. Granted credit of $45 to Wildhorse Book Store for the return of one calculator that was not ordered. The calculator cost $36. Sold calculators costing $555 for $743 to Blossom Card Shop, on account, terms n/30. 14 20 Prepare a tabular summary to record the transactions for the month of September for Office Depot using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) Assets Accounts Receivable Date Cash + Inventory Sep. 6 $ $ $ $ $ 9 10 12 14 20
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