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Journalize the following transactions On September 1, Cheyenne Office Supply had an inventory of 31 calculators at a cost of $22 each. The company uses
Journalize the following transactions
On September 1, Cheyenne Office Supply had an inventory of 31 calculators at a cost of $22 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
Sept. | 6 | Purchased 71 calculators at $24 each from Danny Co. for cash. | |
9 | Paid freight of $71 on calculators purchased from Danny Co. | ||
10 | Returned 3 calculators to Danny Co. for $75 credit (including freight) because they did not meet specifications. | ||
12 | Sold 34 calculators (31 costing $22, and 3 costing $25 including freight) for $34 each to Great Big Book Store, terms n/31. | ||
14 | Granted credit of $34 to Great Big Book Store for the return of one calculator that was not ordered. | ||
20 | Sold 41 calculators costing $25 for $34 each to Bushs Card Shop, terms n/31. |
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