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 Dragoo Co. at a total cost of $1,620, terms n/30.
9		Paid freight of $50 on calculators purchased from Dragoo Co.
10		Returned calculators to Dragoo Co. for $59 credit because they did not meet specifications.
12		Sold calculators costing $470 for $720 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 $31.
20		Sold calculators costing $530 for $770 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.)

Answer 1

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Date		Accounts	Debit	Credit
Sept.	6	Inventory	$                                    1,620
		Accounts Payable		$    1,620
	9	Inventory	$                                          50
		Cash		$          50
	10	Accounts Payable	$                                          59
		Inventory		$          59
	12	Accounts Receivable	$                                        720
		Sales Revenue		$        720
		Cost of Goods Sold	$                                        470
		Inventory		$        470
Sept.	14	Sales Returns and Allowances	$                                          45
		Accounts Receivable		$          45
	14	Inventory	$                                          31
		Cost of Goods Sold		$          31
	20	Accounts Receivable	$                                        770
		Sales Revenue		$        770
		Cost of Goods Sold	$                                        530
		Inventory		$        530