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? be clear and write every number from where it comes

Solutions

Expert Solution

Journal entry :

Date accounts & explanation debit credit
Sep 6 Merchandise inventory 1620
Account payable-Green Box Co. 1620
(To record purchase)
Sep 9 Merchandise inventory 50
Cash 50
(To record freight paid)
Sep 10 Account payable-Green Box Co. 38
Merchandise inventory 38
(To record purchase return)
Sep 12 Account receivable-University book store 780
Sales revenue 780
Cost of goods sold 520
Merchandise inventory 520
(To record credit sales)
Sep 14 Sales return and allowance 45
Account receivable-University book store 45
Merchandise inventory 28
Cost of goods sold 28
(To record sales return and allowances)
Sep 20 Account receivable-Campus card shop 900
Sales 900
Cost of goods sold 570
Merchandise inventory 570
(TO record sales and cost of goods sold)

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