Exercise 5-03

On September 1, Swifty 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		Purchased with cash 90 calculators at $23 each from Blossom Company.
Sept. 9		Paid freight of $90 on calculators purchased from Blossom Company.
Sept. 10		Returned 2 calculators to Blossom Company for $48 cash (including freight) because they did not meet specifications.
Sept. 12		Sold 28 calculators costing $24 (including freight) for $33 each on account to Lee Book Store, terms n/30.
Sept. 14		Granted credit of $33 to Lee Book Store for the return of one calculator that was not ordered.
Sept. 20		Sold 30 calculators costing $24 for $32 each on account to Orr's Card Shop, terms n/30.

Journalize the September transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20
Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20
Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20
Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20
	(To record credit sale)
Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20
	(To record cost of merchandise sold)
Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20
	(To record merchandise returned)
Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20
	(To record cost of merchandise returned)
Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20
	(To record credit sale)
Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20
	(To record cost of merchandise sold)