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 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) |
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 |