Introduction to Accounting - Collge LEVEL 1

On September 1, Wilderness Inc. had an inventory of 18 backpacks at a cost of $30 each. The company uses a perpetual inventory system. During September, the following transactions occurred: Sep 4 Purchased 35 backpacks at $30 each from Back Packs Unlimited, terms 3/10, n/30. 6 Received credit of $150 for the return of 5 backpacks purchased on Sept. 4 that were defective. 9 Sold 20 backpacks for $50 each to University Supply, terms 2/10, n/30. 14 Paid Back Packs Unlimited in full. 18 Received payment from University Supply. Record the September transactions for Wilderness Inc.

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