On September 1, the beginning of its fiscal year, Lim Suppliers Ltd. had an inventory of 105 calculators at a cost of $19 each. The company uses a perpetual inventory system. During September, the following transactions occurred:

Sept. 2 Purchased 737 calculators for $19 each from Digital Corp. on account, terms n/30.

10 Returned 10 calculators to Digital for $190 credit because they did not meet specifications.

11 Sold 282 calculators for $30 each to Lim Book Store, terms n/30.

14 Granted credit of $300 to Lim Book Store for the return of 10 calculators that were not ordered. The calculator were restored to inventory.

21 Sold 290 calculators for $30 each to Student Card Shop, terms 1/10, n/30.

29 Paid Digital the amount owing.

30

Received payment in full from the Student Card Shop

1. Record the transactions 2. Create T-accounts 3. Determine the ending balances of inventory and cost of goods sold in both dollars and quantities.

Question

On September 1, the beginning of its fiscal year, Lim Suppliers Ltd. had an inventory of 105 calculators at a cost of $19 each. The company uses a perpetual inventory system. During September, the following transactions occurred:

Sept.	2	Purchased 737 calculators for $19 each from Digital Corp. on account, terms n/30.
	10	Returned 10 calculators to Digital for $190 credit because they did not meet specifications.
	11	Sold 282 calculators for $30 each to Lim Book Store, terms n/30.
	14	Granted credit of $300 to Lim Book Store for the return of 10 calculators that were not ordered. The calculator were restored to inventory.
	21	Sold 290 calculators for $30 each to Student Card Shop, terms 1/10, n/30.
	29	Paid Digital the amount owing.
	30	Received payment in full from the Student Card Shop 1. Record the transactions 2. Create T-accounts 3. Determine the ending balances of inventory and cost of goods sold in both dollars and quantities.

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On September 1, the beginning of its fiscal year, Lim Suppliers Ltd. had an inventory of 105 calculators at a cost of $19 each. The

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