Question

Exercise 3-03 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 Cullumber Co. at a total cost of $1,780, terms n/3D. 9 Paid freight of $50 on calculators purchased from Cullumber Co. 10 Returned calculators to Cullumber Co. for $57 credit because they did not meet specifications. 12 Sold calculators costing $570 for $750 to Fryer Book Store, terms /30. 14 Granted credit af $40 to Fryer Boak Store for the return of one calculator that was not ordered. The calculator cost $27. 20 Sold calculators casting $550 far $750 ta Heasley Card Shop, tens 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 ttles are automatically indented wiren amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sale of calculators on account) (To record cost of calculators sold) (To record return of calculator that was not ardered) (To record cost of calculators returned) To record sale of calculators on account) (To record cost of calculators sold) Click if you would like to show Work for this question: Open Show Work

Answer 1

Answer:

Journal Entries:

Date	Particulars	Debit ($)	Credit ($)
6-Sep	Merchandise Inventory	1780
	Accounts Payable		1780
	(To record the purchase of inventory)
9-Sep	Merchandise Inventory	50
	Cash		50
	(To record the payment to the freight)
10-Sep	Accounts Payable	57
	Merchandise Inventory		57
	(To record the credit sales)
12-Sep	Accounts Receivable	750
	Sales		750
	(To record the sales)
	Cost of goods sold	570
	Inventory		570
	(To record the sales)
14-Sep	Sales returns	40
	Accounts Receivable		40
	(To record the return on sales)
	Merchandise Inventory	27
	Cost of Merchandise sold		27
	(To record the return on sales)
20-Sep	Accounts Receivable	750
	Sales		750
	(To record the cost of goods sold)
	Cost of merchandise sold	550
	Merchandise Inventory		550
	(To record the cost of goods sold)