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 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

Answer 1

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)