Question

Exercise 5-2 Assume that on September 1, Ottice Depot had an inventory that included a variety of calculators. The company uses a perpetual Inventory system. During September, these transactions occurred. Sept. 5 Purchased calculators from Dragoo Co. at a total cost of $1.640, terms n/30. 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragon Cn. for credit herause they did not mest specifications 12 Sold calcuators costing 100 for 1000 to Fryer Book Store, term n/30 14 Granted credit of $45 to Frye Book Store for the return of one calculator that was not ordered the calculstur cust $35 20 Sold calculators costing $500 for $870 to Heasley Cand Shop, terms /30. Journalize the September transactions. (if no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Necord journal entries in the order presented in the problem.) Date Account Tities and Explanation Debit Credit To record oedt sales) (lo record credit rated for returned gools) (Tarcandal (To record cost of goods sold)

Answer 1

		Debit	Credit
Sept. 6	Inventory	1640
	Accounts Payable		1640
Sept. 9	Inventory	50
	Cash		50
Sept. 10	Accounts Payable	57
	Inventory		57
Sept. 12	Accounts Receivable	680
	Sales Revenue		680
	(To record credit sales)
Sept. 12	Cost of Goods Sold	490
	Inventory		490
	(To record cost of calculators sold)
Sept. 14	Sales Returns and Allowances	45
	Accounts Receivable		45
	(To record credit granted for returned goods)
Sept. 14	Inventory	35
	Cost of Goods Sold		35
	(To record cost of calculators returned)
Sept. 20	Accounts Receivable	870
	Sales Revenue		870
	(To record sales)
Sept. 20	Cost of Goods Sold	680
	Inventory		680
	(To record cost of goods sold)