Question

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 Crane Co. at a total cost of $1,610, terms n/30.
9 Paid freight of $40 on calculators purchased from Crane Co.
10 Returned calculators to Crane Co. for $52 credit because they did not meet
specifications.
12 Sold calculators costing $580 for $760 to Fryer Book Store, terms n/30.
14 Granted credit of $45 to Fryer Book Store for the return of one calculator that
was not ordered. The calculator cost $32.
20 Sold calculators costing $650 for $800 to Heasley Card Shop, terms n/30.
Instructions:
Journalize the September transactions.

Answer 1

Answer:

Explanation:

Journal entry is a record of transaction listing the debit and credit entry of respective account .

Debit entry represent an inflow while credit entry represent an outflow

Date          Description         Debit      Credit  

Sept, 6      Inventory              1610

               Acct. Payable                        1610

Sept . 9      Inventory             40

                  Cash                                      40

Sept. 10      Acct payable       52

                   Inventory                             52

Sept 12        Receivable        760

                      Sales                                 760

                  Cost of goods       580

                  Inventory                              580

Sept 14         Returned sales    40

                      Receivable                       40

                     Inventory            32

                Cost of goods                        32

Sept. 20      Receivable         800

                     Sales                                  800

               Cost of goods         650

                  Inventory                              650