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On September 1, Bramble Office Supply had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, the
On September 1, Bramble Office Supply had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased calculators from Kingbird Co. at a total cost of $1,785, terms n/30, FOB shipping point. 9 Paid freight of $85 on calculators purchased from Kingbird Co. 10 Returned calculators to Kingbird Co. for $44 cash (including freight) because they did not meet specifications. 12 Sold calculators costing $594 for $864 to Sura Book Store, on account, terms n/30. 14 Granted credit of $32 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $22. 20 Sold 30 calculators costing $660 for $960 on account to Davis Card Shop, on account,terms n/30. Journalize the September transactions for Bramble Office Supply. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Sept. 6 Inventory Sales Revenue Sept. 9 Inventory Cash Sept. 10 Cash Inventory Sept. 12 Accounts Receivable Sales Revenue (To record credit sale) Sept. 12 Cost of Goods Sold Inventory Debit Credit 1785 1785 85 44 Inventory (To record cost of merchandise sold) Sept. 14 Sales Returns and Allowances Accounts Receivable (To record merchandise returned) Sept. 14 Inventory Cost of Goods Sold (To record cost of merchandise returned) Sept. 20 Accounts Receivable Inventory (To record credit sale) Sept. 20 Cost of Goods Sold Inventory (To record cost of merchandise sold)
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