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On September 1, Blossom Office Supply had an inventory of 33 calculators at a cost of $ 24 each. The company uses a perpetual inventory
On September 1, Blossom Office Supply had an inventory of 33 calculators at a cost of $ 24 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased 73 calculators at $ 26 each from Danny Co. for cash. 9 Paid freight of $ 73 on calculators purchased from Danny Co. 10 Returned 5 calculators to Danny Co. for $ 135 credit (including freight) because they did not meet specifications. 12 Sold 36 calculators ( 33 costing $ 24, and 3 costing $ 27 including freight) for $ 36 each to Great Big Book Store, terms m/ 33. 14 Granted credit of $ 36 to Great Big Book Store for the return of one calculator that was not ordered. 20 Sold 43 calculators costing $ 27 for $ 36 each to Bush's Card Shop, terms n/33. Date Account Titles and Explanation Debit Credit Sept. 6 Inventory 1,898 cash 1,89 Sept. 9 Inventory 73 Cash Sept. 10 Accounts Payable 135 Inventory 1: Sept. 12 Accounts Receivable 1.296 Sales Revenue 1,2 (Receivables executed for sales) Sept. 14 (Sales recorded) Sept. 12 Accounts Receivable 1,296 Sales Revenue 1,29 (Receivables executed for sales) Sept. 14 (Sales recorded) Sept. 12 Accounts Receivable 1,296 Sales Revenue 1.29 (Return entry recorded) DLANDIA Sept. 14 Sales Returns and Allowances Accounts Receivable 3 (Goods dispatched for sales) (Receivables executed for sales) (Sales recorded)
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