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

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 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

Accepted Answer

The Answer is in the image, click to view ...

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.

On September 1, Nixa Office Supply had an inventory of35calculators at a cost of $14each. The company

Question:

Management Accounting

On September 1, Nixa Office Supply had an inventory of35calculators at a cost of $14each. The company

Question:

Expert Answer:

The Answer is in the image, click to view ... View the full answer

Management Accounting

Students also viewed these Accounting questions