Question

On September 1, Whispering Winds Office Supply had an inventory of 35 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.

 Sept. 6 Purchased with cash 90 calculators at $25 each from Blue Spruce Corp 

Sept. 9 Paid freight of $90 on calculators purchased from Blue Spruce Corp 

Sept. 10 Returned 4 calculators to Blue Spruce Corp. for $104 cash (including freight) because they did not meet specifications, 

Sept. 12 Sold 28 calculators costing $26 (including freight) for $33 each on account to Lee Book Store, terms n/30. 

Sept. 14 Granted credit of $33 to Lee Book Store for the return of one calculator that was not ordered. 

Sept. 20 Sold 30 calculators costing $26 for $32 each on account to Orr's Card Shop, terms n/30. 

Journalize the September transactions. 

Answer 1

Date	Account Titles and Explanation	Debit	Credit
Sept. 6	Inventory (90*$25)	$    2,250
	Cash		$    2,250
Sept. 9	Inventory	$          90
	Cash		$          90
Sept. 10	Cash	$        104
	Inventory		$        104
Sept. 12	Accounts Receivable (28*$33)	$        924
	Sales Revenue		$        924
	(To record credit sale)
Sept. 12	Cost of Goods Sold (28*$26)	$        728
	Inventory		$        728
	(To record cost of merchandise sold)
Sept. 14	Sales Returns and Allowances	$          33
	Accounts Receivable		$          33
	(To record merchandise returned)
Sept. 14	Inventory	$          26
	Cost of Goods Sold		$          26
	(To record cost of merchandise returned)
Sept. 20	Accounts Receivable (30*$32)	$        960
	Sales Revenue		$        960
	(To record credit sale)
Sept. 20	Cost of Goods Sold (30*$26)	$        780
	Inventory		$        780
	(To record cost of merchandise sold)