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 Wildhorse Co. at a total cost of $1,670, terms n/30.
9 Paid freight of $60 on calculators purchased from Wildhorse Co.
10 Returned calculators to Wildhorse Co. for $55 credit because they did not meet specifications.
12 Sold calculators costing $470 for $700 to Fryer Book Store, terms n/30.
14 Granted credit of $40 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $30.
20 Sold calculators costing $580 for $790 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)

Solutions

Expert Solution

Date Account Titles and Explanation Debit Credit
Sept. 6 Inventory 1670
     Accounts Payable 1670
Sept. 9 Inventory 60
     Cash 60
Sept. 10 Accounts Payable 55
     Inventory 55
Sept. 12 Accounts Receivable 700
     Sales Revenue 700
(To record sale of calculators on account)
Sept. 12 Cost of Goods Sold 470
     Inventory 470
(To record cost of calculators sold)
Sept. 14 Sales Returns and Allowances 40
       Accounts Receivable 40
(To record return of calculator that was not ordered)
Sept. 14 Inventory 30
     Cost of Goods Sold 30
(To record cost of calculators returned)
Sept. 20 Accounts Receivable 790
     Sales Revenue 790
(To record sale of calculators on account)
Sept. 20 Cost of Goods Sold 580
     Inventory 580
(To record cost of calculators sold)

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