Question

Question 7 View Policies Current Attempt in Progress On September 1, the beginning of its fiscal year, Lim Suppliers Ltd. had an inventory of 92 calculators at a cost of $19 each. The company uses a perpetual Inventory system. During September, the following transactions occurred: Sept. 2 Purchased 775 calculators for $19 each from Digital Corp. on account, terms30. 10 Returned 10 calculators to Digital for $190 credit because they did not meet specifications. 11 Sold 240 calculators for $30 each to Lim Book Store terms 1/30. 14 Granted credit of $300 to Lim Book Store for the return of 10 calculators that were not ordered. The calculator were restored to inventory 21 Sold 310 calculators for $30 each to Student Card Shop, terms 1/10, 1/30. 29 Paid Digital the amount owing. 30 Received payment in full from the Student Card Shop. Part 1 Record the September transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 125.) Date Account Titles and Explanation Debit Credit Sept. 2

Answer 1

Date	Account Titles	Debit	Credit
Sep-02	Inventory	$        14,725		=775*19
	Accounts Payable		$            14,725
	(Purchase of 775 calculators)
Sep-10	Accounts Payable	$             190		=10*19
	Inventory		$                  190
	(Return of 10 calculators)
Sep-11	Accounts Receivable	$          7,200		=240*30
	Sales Revenue		$              7,200
	(Sale of 240 units on account)
	Cost of Goods Sold	$          4,560		=240*19
	Inventory		$              4,560
	(Cost of goods sold taken from inventory)
Sep-14	Sales Returns	$             300		300
	Accounts Receivable		$                  300
	(Goods returned by customer)
	Inventory	$             190		=10*19
	Cost of goods Sold		$                  190
	(Cost of goods added back to inventory)
Sep-21	Accounts Receivable	$          9,300		=310*30
	Sales Revenue		$              9,300
	(Sale of 310 units on account)
	Cost of Goods Sold	$          5,890		=310*19
	Inventory		$              5,890
	(Cost of goods sold taken from inventory)
Sep-29	Accounts Payable	$        14,535		=14725-190
	Cash		$            14,535
	(Payment made in full)
May-15	Cash	$          9,207		=9300*99%
	Sales Allowance	$                93		=9300*1%
	Accounts Receivable		$              9,300
	(Cash received net of discount)

Inventory
Beg Bal	$          1,748	Sep-10	$            190
Sep-02	$        14,725	Sep-11	$        4,560
Sep-14	$             190	Sep-21	$        5,890
End Bal	$          6,023

Cost of Goods Sold
Sep-11	$          4,560	Sep-14	$            190
Sep-21	$          5,890
End Bal	$        10,260

	Units	Cost
Inventory	317	$              6,023
Cost of Goods Sold	540	$            10,260