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Current Attempt in Progress Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual
Current Attempt in Progress 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 Wildhorse Co. at a total cost of $1,680, terms n/30. 9 Paid freight of $60 on calculators purchased from Wildhorse Co. 10 Returned calculators to Wildhorse Co.for $65 credit because they did not meet specifications. 12 Sold calculators costing $520 for $670 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 $540 for $760 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 amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sale of calculators on account) (To record cost of calculators sold) (b) Assume that Skysong Co. paid the balance due to Sheridan Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 4
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