Question
On September 1, Boylan Office Supply had an inventory of35calculators at a cost of $12each. The company uses a perpetual inventory system. During September, the
On September 1, Boylan Office Supply had an inventory of35calculators at a cost of $12each. The company uses a perpetual inventory system. During September, the following transactions occurred.
| Sept. 6 | Purchased with cash95calculators at $24each from Guthrie Co.. |
| Sept. 9 | Paid freight of $95on calculators purchased from Guthrie Co. |
| Sept. 10 | Returned3calculators to Guthrie Co. for $75credit (including freight) because they did not meet specifications. |
| Sept. 12 | Sold28calculators costing $25(including freight) for $33each to Lee Book Store, terms n/30. |
| Sept. 14 | Granted credit of $33to Lee Book Store for the return of one calculator that was not ordered. |
| Sept. 20 | Sold31calculators costing $25for $33each 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.)
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Cost Accounting
Authors: William K. Carter
14th edition
759338094, 978-0759338098
