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 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)

Answer 1

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)