Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On September 1, Nixa Office Supply had an inventory of 35 calculators at a cost of $16 each. The company uses a perpetual inventory system.

On September 1, Nixa Office Supply had an inventory of 35 calculators at a cost of $16 each. The company uses a perpetual inventory system. During September, the following transactions occurred.

Sept. 6 Purchased with cash 85 calculators at $25 each from York Co.
Sept. 9 Paid freight of $85 on calculators purchased from York Co.
Sept. 10 Returned 5 calculators to York in exchange for $130 cash (including reimbursement for freight fee) because they did not meet specifications.
Sept. 12 Sold 27 calculators costing $26 (including freight) for $32 each to Sura Book Store, terms n/30.
Sept. 14 Granted credit of $32 to Sura Book Store for the return of one calculator that was not ordered.
Sept. 20 Sold 31 calculators costing $26 for $33 each to Davis Card Shop, terms n/30.

Journalize the September transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

image text in transcribed

image text in transcribed

please include all answers and calculation. thank you

List of accounts:

image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Continuous Auditing Theory And Application

Authors: David Y. Chan, Victoria Chiu

1st Edition

1787434141, 978-1787434141

More Books

Students also viewed these Accounting questions