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On September 1, Rold Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpeto inventory system. During

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On September 1, Rold Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpeto inventory system. During September, the flowing transactions and events occured Sept. 4 Purchased 70 backpacks at $20 each from Hunter, terms 2/10, 1/30 Sept. 6 Received credit of $100 for the return of 5 backpacks purchased on Sept that were the wrong color Sopt 9 Sold 40 backpacks for $15 each to Oliver Bookstorms 2/10.30 Sept. 10 Paid Hunter in full Sept 13 Oliver Books returned 3 backpacks. The merchandise returned had a cost of $60 Sept. 15 Sold 15 backpacks for $35 each to Heller Office Supply Terms 30. Sept 17 Purchased 50 backpacks at $20 each from Parker, erms 2/10,30 Sept 18 Received the balance due from Oliver Books Sept 28 Paid Parker in fut Sept. 30 Received the balance due from Heller Office Supply Pronare the necessary joumal entries

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