Question
On September 1, Nixa Office Supply had an inventory of35calculators at a cost of $14each. The company uses a perpetual inventory system. During September, the
On September 1, Nixa Office Supply had an inventory of35calculators at a cost of $14each. The company uses a perpetual inventory system. During September, the following transactions occurred.
| Sept. 6 | Purchased90calculators at $23each from York, terms net/30. |
| Sept. 9 | Paid freight of $90on calculators purchased from York Co. |
| Sept. 10 | Returned5calculators to York Co. for $120cash (including freight) because they did not meet specifications. |
| Sept. 12 | Sold27calculators costing $24(including freight) for $32each to Sura Book Store, terms n/30. |
| Sept. 14 | Granted credit of $32to Sura Book Store for the return of one calculator that was not ordered. |
| Sept. 20 | Sold34calculators costing $24for $36each to Davis Card Shop, terms n/30. |
(1)Journalize the September transactions.
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Management Accounting
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton
7th Edition
978-1760421144, 1760421146
