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 Carla Vista Co. at a total cost of $1,660, terms n/30.
9		Paid freight of $60 on calculators purchased from Carla Vista Co.
10		Returned calculators to Carla Vista Co. for $57 credit because they did not meet specifications.
12		Sold calculators costing $530 for $780 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 $33.
		Sold calculators costing $500 for $660 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

Date	General Journal	Debit	Credit
Sep 6	Inventory	$1,660
	Accounts Payable		$1,660
Sep 9	Inventory	$60
	Cash		$60
Sep 10	Accounts Payable	$57
	Inventory		$57
Sep 12	Accounts Receivable	$780
	Sales		$780
	Cost of Goods Sold	$530
	Inventory		$530
Sep 14	Sales Return	$45
	Accounts Receivable		$45
	Inventory	$33
	Cost of Goods Sold		$33
Sep 14	Accounts Receivable	$660
	Sales		$660
	Cost of Goods Sold	$500
	Inventory		$500