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On September 1 . Indigo Inc. had an inventory of 39 backpacks at a cost of $30 each. The company uses a perpetual inventory system

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On September 1 . Indigo Inc. had an inventory of 39 backpacks at a cost of $30 each. The company uses a perpetual inventory system and estimates returns at 10%. During September, the following transactions occurred: Sep 4 Purchased 56 backpacks at $30 each from Back Packs Unlimited, terms n/30. 6 Received credit of $150 for the return of 5 backpacks purchased on Sept.4 that were defective. 9 Sold 41 backpacks for $50 each to University Supply, terms n/30. 14 Paid Back Packs Unlimited in full. 18 Received payment from University Supply. Record the September transactions for Indigo inc. (ff no entry is required, select "No Entry' for the account titlas and enter of for the amounts. Creditaccount titles are automatically indented when amount isentered, Do not indent manuolly Record fournal entries in the order prosented in the problem. List all debit entries bufore credit entries)

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