Question

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Exercise 5-03 On September 1, Boylan Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 Purchased with cash 80 calculators at $20 each from Guthrie Co.. Paid freight of $80 on calculators purchased from Guthrie Co.. Returned 3 calculators to Guthrie Co. for $63 cash (including freight) because they did not meet specifications. Sold 26 calculators costing $21 (including freight) for $31 each on account to Lee Book Store, terms n/30. Granted credit of $31 to Lee Book Store for the return of one calculator that was not ordered. Sold 30 calculators costing $21 for $32 each on account to Orr's Card Shop, terms n/30. Journalize the September transactions. (Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record credit sale)

Answer 1

Date	Account Titles and Explanation	Debit	Credit
Sept. 6	Inventory	1600		=80*20
	Cash		1600
Sept. 9	Inventory	80
	Cash		80
Sept. 10	Cash	63
	Inventory		63
Sept. 12	Accounts Receivable	806		=26*31
	Sales Revenue		806
	(To record credit sale)
Sept. 12	Cost of Goods Sold	546		=26*21
	Inventory		546
	(To record cost of merchandise sold)
Sept. 14	Sales Returns and Allowances	31
	Accounts Receivable		31
	(To record merchandise returned)
Sept. 14	Inventory	21
	Cost of Goods Sold		21
	(To record cost of merchandise returned)
Sept. 20	Accounts Receivable	960		=30*32
	Sales Revenue		960
	(To record credit sale)
Sept. 20	Cost of Goods Sold	630		=30*21
	Inventory		630
	(To record cost of merchandise sold)