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 Dragoo Co. at a total cost of $1,680, terms n/30.
Sept. 9 Paid freight of $60 on calculators purchased from Dragoo Co.
Sept. 10 Returned calculators to Dragoo Co. for $58 credit because they did not meet specifications.
Sept. 12 Sold calculators costing $580 for $810 to Fryer Book Store, terms n/30.
Sept. 14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator costs $33.
Sept. 20 Sold calculators costing $570 for $740 to Heasley Card Shop, terms n/30.
Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer 1

Date Account Titles Debit Credit

Sept 6. Inventory $1,680

Accounts Payable $1,680

Sept 9. Inventory $60

Cash $60

Sept 10 Accounts Payable $58

Inventory $58

Sept 12 Accounts Receivable $810

Sales Revenues $810

Cost of Goods Sold $580

Inventory $580

Sept 14 Sales returns $45

Accounts Receivable $45

Inventory $33

Cost of Goods Sold $33

Sept 20 Accounts Receivable $740

Sales Revenues $740

Cost of Goods Sold $570

Inventory $570