Question

presented here are the components in blue spruce corp.'s income statement

X Dismiss New WileyPLUS features Update Instructors and students now have enhanced Dashboards. To get a detailed overview.please click the WileyPLUS Support Link from your Navigation bar. If you have any question, please email us at Customer Success wiley.com Send to Gradebook Prev Question 2 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 Blossom Co.at a total cost of $1.600, terms n/30. 9 Paid freight of $40 on calculators purchased from Blossom Co. 10 Returned calculators to Blossom Co.for $50 credit because they did not meet specifications 12 Solesalculators costing $450 for $600 to Fryer Book Store, terms 1/30 14 Granted credit of $35 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $25. 20 Sold calculators costing $500 for $650 to Heasley Card Shop, terms/30 Journalire the September transactions. Of 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.) Date Account Titles and Explanation Debit Credit Inventory Accounts Payable OSOD 2010 MUKLOUT"

Answer 1

SOLUTION :
Journal Entries
Date	Account Title and explanation	Debit	Credit
Sept, 06	Merchandise inventory	$                      1,600
	Account Payable - Blassom Co.		$                          1,600
Sept, 09	Merchandise inventory	$                            40
	Cash		$                                40
Sept, 10	Account Payable - Blassom Co.	$                            50
	Merchandise inventory		$                                50
Sept, 12	Account Receivable - Fryer Book Store	$                          600
	Sales Revenue		$                             600
Sept, 12	Cost of Goods Sold	$                          450
	Merchandise inventory		$                             450
Sept, 14	Sales return and allowance	$                            35
	Account Receivable - Fryer Book Store		$                                35
Sept, 14	Merchandise inventory	$                            25
	Cost of Goods Sold		$                                25
Sept, 20	Account Receivable - Fryer Book Store	$                          650
	Sales Revenue		$                             650
	Cost of Goods Sold	$                          500
Sept, 20	Merchandise inventory		$                             500