Question

Question 3 View Policies Current Attempt in Progress 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 Dragoo Co. at a total cost of $1.650 terms n/30 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. 12 Sold calculators costing $520 for $690 to Fryer Book Store, terms 30. 14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. 20 Sold calculators costing $570 for $760 to Heasley Card Shop,terms /30. Journalize the September transactions. (if no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Credit Debit Account Titles and Explanation Date

Answer 1

Answer: Credit Debit 1,650 1,650 Sept 9 Date Account Titles and Explanation Sept 6 Inventory Accounts Payable (To record purchase of Inventory on account) Inventory Cash (To record Freight paid) Sept 10 Accounts Payable Inventory (To record inventory returned) Sept 12 Accounts Receivable Sales Revenue (To record Sales made on account) Sept 12 Cost of Goods Sold Inventory (To record Cost of goods sold) Sales Returns and Allowances Accounts Receivable (To record goods sold returned) 520

Sept 14 Sept 20 Inventory Cost of Goods sold (To record Cost of goods returned back) Accounts Receivable Sales Revenue (To record Sales made on account) Cost of Goods Sold Inventory (To record Cost of goods sold) 760 Sept 20 570