Question 8

Account Title and Explanation Options

Question 8 12.5 pts Assume that on September 1, Office Supplies had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Purchased calculators from Dragoo Co. at a total cost of $1,510, on account, terms Sept. 6 n/30 FOB shipping point. Sept. 9 Paid freight of $53 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $70 credit because they did not meet Sept. 10 specifications. Sept. 12 Sold calculators costing $510 for $650 to Fryer Book Store, on account, terms n/30 Granted credit of $46 to Fryer Book Store for the return of one calculator that was Sept. 14 not ordered. The calculator cost $37. Sold calculators costing $590 for $840 to Heasley Card Shop, on account, terms Sept. 20 n/30 List debit transactions first and then list credit transactions. "If no entry is required, type "No Entry for accounts and put o for debit and credit sides. Journalize the September transactions for Office Supplies. Account Titles and Date Debit ($) Explanation Credit ($) 9/6 [Select [Select Select ! Select] 9/9 [Select) Select] [Select] Select 9/10 Select) [ Select Select) | Select 9/12 (Select) Select) [ Select Select) To record credit sales 9/12 (Select Select] Select) [ Select) To record cost of merchandise sold 9/14 [Select) [Select [Select [ Select To record merchandise returned 9/14 Select] [Select] [ Select) Select 1 To record cost of merchandise returned 9/20 [Select Select) Select 1 Select] To record credit sales 9/20 (Select Select [ Select Select) To record cost of merchandise sold [ Select ] Accounts Payable Inventory Accounts Receivable Cash Cost of Goods Sold Sales Revenue