In: Accounting
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 Green Box Co. at a total cost of
$1,620, terms n/30.
9 Paid freight of $50 on calculators purchased from Green Box
Co.
10 Returned calculators to Green Box Co. for $38 credit because
they did not meet specifications.
12 Sold calculators costing $520 for $780 to University Book Store,
terms n/30.
14 Granted credit of $45 to University Book Store for the return of
one calculator that was not ordered. The calculator cost $28.
20 Sold calculators costing $570 for $900 to Campus Card Shop,
terms n/30.
Journalize the Septemper transactions?
Journal Entries for Transaction in the month of September
Date | Particulars | Debit | Credit |
06-Sep | Inventory A/c | $ 1,620 | |
Green Box Co. A/c | $ 1,620 | ||
(Purchase of Calculators from Green Box Co.) | |||
09-Sep | Inventory A/c | $ 50 | |
Green Box Co. A/c | $ 50 | ||
(Paid Freight for Calculators) | |||
10-Sep | Green Box Co. A/c | $ 38 | |
Inventory A/c | $ 38 | ||
(Calculators returned to Green Box Co.) | |||
12-Sep | Cost Of Good Sold A/c | $ 520 | |
Inventory A/c | $ 520 | ||
Sales | $ 780 | ||
University Book Store | $ 780 | ||
(Sale of Calulators to University Book Store) | |||
14-Sep | Inventory A/c | $ 28 | |
Cost Of Good Sold A/c | $ 28 | ||
Sales Return A/c | $ 45 | ||
University Book Store | $ 45 | ||
(Return of Calculator by University Book store) | |||
20-Sep | Cost Of Good Sold A/c | $ 570 | |
Inventory A/c | $ 570 | ||
Sales | $ 900 | ||
Campus Card Shop | $ 900 | ||
(Sale of Calulators to Campus Card Shop) |