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Could someone show or explain to me what I am doing wrong in the following problem? Thanks! Exercise 5-03 Your answer is partially correct. Try
Could someone show or explain to me what I am doing wrong in the following problem? Thanks!
Exercise 5-03 Your answer is partially correct. Try again. On September 1, Ayayai Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 Purchased 90 calculators at $23 each from York Co. Paid freight of $90 on calculators purchased from York Co. Returned 2 calculators to York Co. for $48 cash (including freight) because they did not meet specifications. Sold 28 calculators costing $24 (including freight) for $33 each on account to Sura Book Store, terms n/30. Granted credit of $33 to Sura Book Store for the return of one calculator that was not ordered Sold 30 calculators costing $24 for $32 each on account to Davis Card Shop, terms n/30. Account Titles and Explanation Credit Debit Date Inventory 2070 Sept. 6 Accounts Payable 2070 Sept. 9 Inventory 90 Cash 90 Accounts Payable Sept. 10 48 48 Inventory Sept. 12 Cost of Goods Sold 672 Sales Revenue 672 (To record credit sale) Sales Returns and Allowances Sept. 14 33 Accounts Receivable 33 (To record cost of merchandise sold) X (To record cost of merchandise sold) Inventory Sept. 14 24 Cost of Goods Sold 24 (To record merchandise returned) Sept. 20 Accounts Receivable 960 Sales Revenue 960 (To record cost of merchandise returned) Sept. 20 Cost of Goods Sold 690 Inventory 690 (To record credit sale) Sept. 20 X xStep by Step Solution
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