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7 August, 22:59

Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred:

Sept. 6 Purchased calculators from Crane Co. at a total cost of $1,610, terms n/30.

9 Paid freight of $40 on calculators purchased from Crane Co.

10 Returned calculators to Crane Co. for $52 credit because they did not meet

specifications.

12 Sold calculators costing $580 for $760 to Fryer Book Store, terms n/30.

14 Granted credit of $45 to Fryer Book Store for the return of one calculator that

was not ordered. The calculator cost $32.

20 Sold calculators costing $650 for $800 to Heasley Card Shop, terms n/30.

Instructions:

Journalize the September transactions.

+2
Answers (1)
  1. 7 August, 23:22
    0
    Journal entry is a record of transaction listing the debit and credit entry of respective account.

    Debit entry represent an inflow while credit entry represent an outflow

    Date Description Debit Credit

    Sept, 6 Inventory 1610

    Acct. Payable 1610

    Sept. 9 Inventory 40

    Cash 40

    Sept. 10 Acct payable 52

    Inventory 52

    Sept 12 Receivable 760

    Sales 760

    Cost of goods 580

    Inventory 580

    Sept 14 Returned sales 40

    Receivable 40

    Inventory 32

    Cost of goods 32

    Sept. 20 Receivable 800

    Sales 800

    Cost of goods 650

    Inventory 650
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Home » Business » Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred: Sept. 6 Purchased calculators from Crane Co.
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