On September 1, Campus Office Supply had an inventory of 30 deluxe pocket calculators at a cost of \(\$ 20\) each. The company uses a perpetual inventory system. During Septem-

Journalize perpetual inventory ber, the following transactions occurred. entries.

(SO 2,3) \(\square\)

Identify work sheet columns for selecting accounts. (SO 6)

Prepare closing entries for merchandise accounts

(SO 6 )

Contrast presentation in multiple-step and single-step income statements.

(SO 7)

Compute net sales, gross profit, and income from operations.

\((\mathrm{SO} 3,4,7) \square\)

Journalize purchases transactions.

(SO 2)

Sept. 6 Purchased 60 calculators at \(\$ 19\) each from Digital Co. for cash.

9 Paid freight of \(\$ 60\) on calculators purchased from Digital Co.

10 Returned 2 calculators to Digital Co. for \(\$ 38\) credit because they did not meet specifications.

Y12 Sold 26 calculators costing \(\$ 20\) (including freight-in) for \(\$ 30\) each to Campus Book Store, terms, \(\mathrm{n} / 30\).

14 Granted credit of \(\$ 30\) to Campus Book Store for the return of one calculator that was not ordered.

20 Sold 30 calculators costing \(\$ 20\) for \(\$ 30\) each to Varsity Card Shop, terms, \(\mathrm{n} / 30\).

\section*{Instructions}

Journalize the September transactions.