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On September 1 , Ivanhoe Supply Co. had an inventory of 22 backpacks at a cost of $20 each. The company uses a periodic inventory
On September 1 , Ivanhoe Supply Co. had an inventory of 22 backpacks at a cost of $20 each. The company uses a periodic inventory system. During September, the following transactions and events occurred. Sept. 4 Purchased 70 backpacks at $20 each from Acme Outfitters, terms 2/10,n/30. 6 Received credit of $100 for the return of 5 backpacks purchased on Sept. 4 that were defective. 9 Sold 35 backpacks for $36 each to A1 Books, terms 2/10,n/30. 13 Sold 14 backpacks for $36 each to Max Office Supply, terms n/30. 14 Paid Acme Outfitters in full, less discount. Journalize the September transactions for Ivanhoe Supply Co. (Credit occount titles are outomatically indented when the amount is entered. Do not indent manually. Record joumal entries in the order presented in the problem. List all debit entries before credit entries.)
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