Question

E5-3 On September 1, Roshek Office Supply had an inventory of 30 calculators at a cost of €22 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased 90 calculators at €20 each from Harlow Co., terms 2/10, n/30. 9 Paid freight of €180 on calculators purchased from Harlow Co. 10 Returned 3 calculators to Harlow Co. for €66 credit (including freight) because they did not meet specifications. 12 Sold 26 calculators costing €22 (including freight) for €33 each to Village Book Store, terms n/30. 14 Granted credit of €33 to Village Book Store for the return of one calculator that was not ordered 20 Sold 40 calculators costing €22 for €32 each to Holiday Card Shop, terms n/30. Instructions Journalize the September transactions.

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Answer 1

Answer
Date	Title	Debit	credit
Sep-06	Inventory	€      1,800
	Accounts payable (90*20)		€      1,800
	[being calculators purchased recorded]
Sep-09	Inventory	€         180
	cash		€         180
	[being freight paid]
Sep-10	Accounts payable (20*3)	€           60
	cash	€             6
	Inventory		€           66
	[being Inventory purchased returned]
Sep-12	Accounts receivable(26*33)	€         858
	sales		€         858
	[being credit sales recorded]
	Cost of goods sold (22*26)	€         572
	Inventory		€         572
	[being cost of goods sold]
Sep-14	sales /sales return	€           33
	Accounts receivable		€           33
	[being return of inventory recorded]
	Inventory	€           33
	cost of goods sold		€           33
	[being inventory increase for return]
Sep-20	Accounts receivable	€      1,280
	sales (40*32)		€      1,280
	[Being sales recorded]
	cost of goods sold	€         880
	Inventory (40*22)		€         880
	[being cost of goods sold recorded]
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