Assume that on September 1 Office Depot had an inventory that included a variety
ID: 2366350 • Letter: A
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 Green Box Co. at a total cost of $1,620, terms n/30.
9 Paid freight of $50 on calculators purchased from Green Box Co.
10 Returned calculators to Green Box Co. for $38 credit because they did not meet specifications.
12 Sold calculators costing $520 for $690 to University Book Store, terms n/30.
14 Granted credit of $45 to University Book Store for the return of one calculator that was not ordered. The calculator cost $34.
20 Sold calculators costing $570 for $760 to Campus Card Shop, terms n/30.
Explanation / Answer
I assume the question is write the journal entries so here they are: DR Inventory 1,620 CR Accounts Payable 1,620 DR Inventory 50 CR Cash 50 DR Accounts Payable 38 CR Inventory 38 DR Accounts Receivable 690 CR Sales Revenues 690 DR Coast of Goods Sold 520 CR Inventory 520 DR Sales returns 45 CR Accounts Receivable 45 DR Inventory 34 CR Cost of Goods Sold 34 DR Accounts Receivable 760 CR Sales Revenues 760 DR Cost of Goods Sold 570 CR Inventory 570