Question
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. Journalize perpetual inventory entries.
Sept. 6: Purchased calculators from Dragoo Co. at a total cost of $1,650, on account, terms n/30.
Sept. 9: Paid freight of $50 on calculators purchased from Dragoo Co.
Sept. 10: Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications.
Sept. 12: Sold calculators costing $520 for $690 to Fryer Book Store, on account, terms n/30.
Sept. 14: Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34.
Sept. 20: Sold calculators costing $570 for $760 to Heasley Card Shop, on account, terms n/30.
I need explanation to each
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