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On September 1, Spacely Sprockets had an inventory of 40 sprockets at a cost of $18 each The company uses a perpetual inventory system. During
On September 1, Spacely Sprockets had an inventory of 40 sprockets at a cost of $18 each The company uses a perpetual inventory system. During September, the following transactions occurred. Prepare journal entries IN GOOD FORM for the September transactions Include Sales and cost of goods sold entries if applicable Sept 6 Purchased 70 sprockets at $20 each from Coswell Cogs, terms 2/10, n/30 Date Account Debit Credit . Sept 9 Paid freight of $70 on the sprockets purchased from Coswell Cogs Credit Debit Date Account Sept 10 Returned 1 sprocket to Soswell Cogs for $20 credit because it did not meet specifications . Debit Date Account Credit Sept 12 Sold 40 sprockets $34 each to Sam's Repair Shop, terms 2/10, n/30. The cost of the sprockets is $18 each Date Account Debit Credit . Sept 13 Paid Coswell,Cogs what was owed from the Sept 6th purchase Date Account Debit Credit . Sept 14 Granted credit of $34 to Sam's Repair Shop for the return of one sprocket that was not ordered Date Account Debit Credit . Sept 21 Received payment in full from Sam's Repair Sho Credit Debit Date Account
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