Question

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Question 6 View Policies Current Attempt in Progress 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 Dragoo Co. at a total cost of $1,700, terms 1/30. 9 Paid freight of $60 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co.for $63 credit because they did not meet specifications. 12 Sold calculators costing $450 for $610 to Fryer Book Store, terms 1/30. 14 Granted credit of $35 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $22. 20 Sold calculators costing $650 for $850 to Heasley Card Shop,terms n/30. Journalize the September transactions. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer 1

Answer:

Journal Entries:

Date	Account title and Explanation	Debit	Credit
Sept.6	Inventory	$1,700
	Accounts payable		$1,700
	[To record purchase of inventory on account]
Sept.9	Inventory	$60
	Cash		$60
	[To record payment of freight]
Sept.10	Accounts payable	$63
	Inventory		$63
	[To record purchase returns]
Sept.12	Accounts receivable	$610
	Sales revenue		$610
	[To record sales revenue]
	Cost of goods sold	$450
	Inventory		$450
	[To record cost of goods sold]
Sept.14	Sales returns and Allowance	$35
	Accounts receivable		$35
	[To record sales returns]
	Inventory	$22
	Cost of goods sold		$22
	[To record cost of sales returns]
Sept.20	Accounts receivable	$850
	Sales revenue		$850
	[To record sales revenue]
	Cost of goods sold	$650
	Inventory		$650
	[To record cost of goods sold]