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 Cullumber Co. at a total cost of $1,750, terms n/30.
9 Paid freight of $50 on calculators purchased from Cullumber Co.
10 Returned calculators to Cullumber Co. for $55 credit because they did not meet specifications.
12 Sold calculators costing $600 for $760 to Fryer Book Store, terms n/30.
14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $32.
20 Sold calculators costing $500 for $740 to Heasley Card Shop, terms n/30.


Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 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

choose a transaction date                                                          Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20

enter an account title for entry 1

enter a debit amount

enter a credit amount

enter an account title for entry 1

enter a debit amount

enter a credit amount

choose a transaction date                                                          Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20

enter an account title for entry 2

enter a debit amount

enter a credit amount

enter an account title for entry 2

enter a debit amount

enter a credit amount

choose a transaction date                                                          Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20

enter an account title for entry 3

enter a debit amount

enter a credit amount

enter an account title for entry 3

enter a debit amount

enter a credit amount

choose a transaction date                                                          Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20

enter an account title for entry 4 to record credit sales

enter a debit amount

enter a credit amount

enter an account title for entry 4 to record credit sales

enter a debit amount

enter a credit amount

(To record sale of calculators on account)

choose a transaction date                                                          Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20

enter an account title for entry 5

enter a debit amount

enter a credit amount

enter an account title for entry 5

enter a debit amount

enter a credit amount

(To record cost of calculators sold)

choose a transaction date                                                          Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20

enter an account title for entry 6 to record credit granted for returned goods

enter a debit amount

enter a credit amount

enter an account title for entry 6 to record credit granted for returned goods

enter a debit amount

enter a credit amount

(To record return of calculator that was not ordered)

choose a transaction date                                                          Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20

enter an account title for entry 7

enter a debit amount

enter a credit amount

enter an account title for entry 7

enter a debit amount

enter a credit amount

(To record cost of calculators returned)

choose a transaction date                                                          Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20

enter an account title for entry 8 to record sales

enter a debit amount

enter a credit amount

enter an account title for entry 8 to record sales

enter a debit amount

enter a credit amount

(To record sale of calculators on account)

choose a transaction date                                                          Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20

enter an account title for entry 9 to record cost of goods sold

enter a debit amount

enter a credit amount

enter an account title for entry 9 to record cost of goods sold

enter a debit amount

enter a credit amount

(To record cost of calculators sold)

Solutions

Expert Solution

Date Account Tittle & Explanation Debit Credit
6-Sep Inventory $1,750
Account Payable- C Co. $1,750
To Record Purchase of Calculators
9-Sep Inventory $50
Account Payable- C Co. $50
To record Freight Paid)
10-Sep Account Payable- C Co. $55
Inventory $55
TO Record Calculators returned
12-Sep Accoutn Receivable- Universal $760
Sales $760
To Record sales of Calculator
Cost Of Good Sold $600
Inventory $600
TO Record COGS
14-Sep Sales Return $45
Accoutn Receivable- Universal $45
To Record Sale Return
Inventory $32
Cost Of Good Sold $32
To Record Return of Inventory
12-Sep Accoutn Receivable- Heasley $740
Sales $740
To Record sales of Calculator
Cost Of Good Sold $500
Inventory $500
TO Record COGS

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