Question

In: Accounting

Assume that on September 1 Office Depot had an inventory that included a variety of calculators....

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?

Solutions

Expert Solution

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)

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