Question

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)

Answer 1

Date	Account Titles and Explanation	Debit	Credit
Sep 6	Inventory	$1,750
	Accounts Payable		$1,750
	(To record purchase of inventory)
Sep 9	Inventory	$50
	Cash		$50
	(To record payment of freight costs)
Sep 10	Accounts Payable	$55
	Inventory		$55
	(To record return of inventory)
Sep 12	Accounts Receivable	$760
	Sales Revenue		$760
	(To record sales revenue)
	Cost of Goods Sold	$600
	Inventory		$600
	(To record cost of goods sold)
Sep 14	Sales Returns and Allowances	$45
	Inventory		$45
	(To record sales return)
	Inventory	$32
	Cost of Goods Sold		$32
Sep 20	Accounts Receivable	$740
	Sales Revenue		$740
	(To record sales revenue)
	Cost of Goods Sold	$500
	Inventory		$500
	(To record cost of goods sold)