Assume that on September 1, Office Depot had an Inventory that Included a variet
ID: 2572170 • Letter: A
Question
Assume that on September 1, Office Depot had an Inventory that Included a varietyof calculators. The compary uses a perpetul Inventory system. During September, these transactions ocaured Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,750, terms n/30. 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to DragoCo-for $SS credit because they did not meet specifications. 12 Sold calculators costing $600 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 calculetor cost $32 20 Sold calculators costing $500 for $740 to Heasley Card Shop, terms n/30 Journalize the September transactions. (If no entry select "No Entry" for the account titles and enter 0 for the amounts. Credit account Do not indent manually. Record journal entries in the order presented in the problem) titles are automatically Indented Date Account Titles and Explanation Credit Debit To record credit sales) &Sons; Ins, All Rights Reserved. A Division of To record credit granted for returned goods) (To record sales) (To record cost of goods sold) Open Show Work Click if you would like to Show Work for this question:Explanation / Answer
Sep 6: Inventory (db) 1750
Account payable (cr) 1750
Sep 9:Inventory(db) 50
Cash(cr) 50
Sep 10:
Accounts payable (db) 55
Inventory (cr) 55
Sep 12:
Accounts Receivable(db) 760
Sales revenue(cR) 760
Cost of goods sold(db) 600
Inventory (cr) 600
Sep 14:
Sales return and allowances (db) 45
Accounts receivable (cr) 45
Inventory (db) 32
Cost of goods sold (cr) 32
Sep 20:
Cost of goods sold (db) 500
Inventory (cr) 500
Accounts Receivable(db) 760
Sales revenue(cR) 760