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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 Purchased calculators from Sandhill Co. at a total cost of $1,680, terms n/30. Paid freight of $50 on calculators purchased from Sandhill Co. Returned calculators to Sandhill Co.for $51 credit because they did not meet specifications. Sold calculators costing $460 for $640 to Fryer Book Store, terms n/30. Granted credit of $40 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $29. Sold calculators costing $500 for $720 to Heasley Card Shop, terms n/30. 12 14 20 Date Account Titles and Explanation Debit Credit Sept. 6 Sept. 9 Sept. 10 Sept. 12 (To record sale of calculators on account) Sept. 12 (To record cost of calculators sold) (To record return of calculator that was not ordered) (To record cost of calculators returned) (To record sale calcul on account) (To record cost of calculators sold)
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