Question

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 thesetransactions occurred.

Answer 1

20 Sold calculators costing $570 for $760 to Campus Card Shop, terms n/30.
the catagories;
date. ....account/description.. .debit... credit
Sept.06 Merchandise Inventory $1,620
Accounts payable $1,620
(To record purchase of calculators on account)
Sept.09 Merchandise Inventory $50
Cash $50
(To record Freight paid on purchase)
Sept. 10 Accounts payable $38
Merchandise Inventory $38
(To record return of calculator)
Sept. 12 Accounts Receivable $690
Sales $690
(To record sale of calculators on account)
Sept. 12 Cost of goods sold $520
Merchandise Inventory $520
(To transfer cost of goods sold)
Sept. 14 Sales return and discounts $45
Accounts receivable $45
(To record return of goods sold)
Sept. 14 Merchandise Inventory $34
Cost of goods sold $34
(To record cost of goods sold – returned)
Sept. 20 Accounts Receivable $760
Sales $760
(To record sale of calculators on account)
Sept. 20 Cost of goods sold $570
Merchandise Inventory $570
(To record cost of goods sold)