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OnSeptember 1, Reid Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory system. During September,
- OnSeptember 1, Reid Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred.
- Sept.4Purchased 70 backpacks at $20 each from Hunter, terms 2/10, n/30.
- 6Received credit of $100 for the return of 5 backpacks purchased on Sept. 4 that were defective.
- 9Sold 40 backpacks for $35 each to Oliver Books, terms 2/10, n/30.
- 13Sold 15 backpacks for $35 each to Heller Office Supply, terms n/30.
- 14Paid Hunter in full, less discount.
- Instructions
- Copy the journal below and paste it into the Answer section. Journalize the September transactions for Reid Supply.Skip a line between each entry.If you are unable to paste the journal to the answer section, key in the journal entries in the blank space.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
