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 Crane Co. at a total cost of $1,610, terms n/30.

9 Paid freight of $40 on calculators purchased from Crane Co.

10 Returned calculators to Crane Co. for $52 credit because they did not meet

specifications.

12 Sold calculators costing $580 for $760 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 $32.

20 Sold calculators costing $650 for $800 to Heasley Card Shop, terms n/30.

Instructions:

Journalize the September transactions.

Question

Business

Jewel Zimmerman

5 March, 21:02

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 Crane Co. at a total cost of $1,610, terms n/30.

9 Paid freight of $40 on calculators purchased from Crane Co.

10 Returned calculators to Crane Co. for $52 credit because they did not meet

specifications.

12 Sold calculators costing $580 for $760 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 $32.

20 Sold calculators costing $650 for $800 to Heasley Card Shop, terms n/30.

Instructions:

Journalize the September transactions.

+2

Answers (1)

Know the Answer?

Kaiden Bryant · Answer 1

Journal entry is a record of transaction listing the debit and credit entry of respective account.

Debit entry represent an inflow while credit entry represent an outflow

Date Description Debit Credit

Sept, 6 Inventory 1610

Acct. Payable 1610

Sept. 9 Inventory 40

Cash 40

Sept. 10 Acct payable 52

Inventory 52

Sept 12 Receivable 760

Sales 760

Cost of goods 580

Inventory 580

Sept 14 Returned sales 40

Receivable 40

Inventory 32

Cost of goods 32

Sept. 20 Receivable 800

Sales 800

Cost of goods 650

Inventory 650