Question

On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 each. The
company uses a perpetual inventory system. During September, the following transactions occurred.
9/6 Purchased 90 calculators at $22 each from York, terms net/30.
9/9 Paid freight of $90 on calculators purchased from York Co.
9/10 Returned 3 calculators to York Co. for $69 credit (including freight) because they did not meet
specifications.
9/12 Sold 26 calculators costing $23 (including freight) for $31 each to Sura Book Store, terms n/30.
9/14 Granted credit of $31 to Sura Book Store for the return of one calculator that was not ordered.
9/20 Sold 30 calculators costing $23 for $32 each to Davis Card Shop, terms n/30.

Instructions
Journalize the September transactions

Answer 1

Answer:

Journal entries:

Date	General journal	Debit	Credit
Sep 6	Inventory	$1,980
	Account payable(90×22)		$1,980
	(To record credit purchase)
Sep 9	Inventory	$90
	Cash		$90
	(To record payment of fright)
Sep 10	Account payable	$69
	Inventory		&69
	(To record purchase return)
Sep 12	Account receivable	$806
	Sales revenue(26×31)		$806
	(To record credit sale)
Sep 12	Cost of good sold	$598
	Inventory(26×23)		$598
	(To record cost of merchandise sold)
Sep 14.	Sales return	$31
	Account Receivable		$31
	(To record merchandise returned)
	Inventory	$23
	Cost of good sold		$23
	(To record cost of merchandise returned)
Sep 20.	Account Receivable(32×30)	$960
	Sales revenue		$960
	(To record credit sale)
Sep 20.	Cost of good sold	$690
	Inventory(30×23)		$690
	(To record cost of merchandise dold)