Question

Sept. 6 Purchased 90 calculators at $23 each from York Co. Sept. 9 Pald freight of $90 on calculators purchased from York Co. Sept. 10 Returned 3 calculators to York Co. for $72 cash (including freight) because they did not meet specifications. Sept. 12 Sold 28 calculators costing $24 (including freight) for $33 each on account to Sura Book Store, terms n/30. Sept. 14 Granted credit of $33 to Sura Book Store for the return of one calculator that was not ordered. Sept. 20 Sold 35 calculators costing $24 for $37 each on account to Davis Card Shop, terms n/30. Journalize the September transactions. (Credit account titles are automatically Indented when amount is entered. Do not in order presented in the problem.) Date Account Titles and Explanation Debit Credit > (To record credit sale)

Answer 1

Date	Account Titles and Explanation	Debit (in $ )	Credit (in $ )
September 6	Inventory ( 90 Calculators x $ 23 )	$ 2,070
	Cash		$ 2,070
September 9	Inventory	$ 90
	Cash		$ 90
September 10	Accounts Payable	$ 72
	Inventory		$ 72
September 12	Accounts Receivable (28 Calculators x $ 33 )	$ 924
	Sales Revenue		$ 924
	(To record Credit Sale )
	Cost of Goods Sold (28 Calculators x $ 24 )	$ 672
	Inventory		$ 672
	(To record Cost of Merchandise Sold )
September 14	Sales Returns and Allowances	$ 33
	Accounts Receivable		$ 33
	(To record Merchandise returned )
	Inventory	$ 24
	Cost of Goods Sold		$ 24
	(To record Cost of Merchandise returned )
September 20	Accounts Receivable ( 35 x $ 37 )	$ 1,295
	Sales Revenue		$ 1,295
	(To record the Credit Sale )
	Cost of Goods Sold ( 35 x $ 24 )	$ 840
	Inventory		$ 840
	(To record Cost of Merchandise Sold )