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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 Cullumber Co. at a total cost of $1,750, on account, terms n/30. 9 Paid freight of $50 on calculators purchased from Cullumber Co. 10 Returned calculators to Cullumber Co. for $55 credit because they did not meet specifications. 12 Sold calculators costing $600 for $760 to Fryer Book Store, on account, 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 $500 for $740 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter O 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. List all debit entries before credit entries.) Date Account Titles and Explanation = (To record sale of calculators on account) (To record cost of calculators sold) (To record return of calculator that was not ordered) (To record cost of calculators returned) (To record sale of calculators on account) (To record cost of calculators sold) Debit Credit

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 Cullumber Co. at a total cost of $1,750, on account, terms n/30. 9 Paid freight of $50 on calculators purchased from Cullumber Co. 10 Returned calculators to Cullumber Co. for $55 credit because they did not meet specifications. 12 Sold calculators costing $600 for $760 to Fryer Book Store, on account, 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 $500 for $740 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter O 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. List all debit entries before credit entries.) Date Account Titles and Explanation = (To record sale of calculators on account) (To record cost of calculators sold) (To record return of calculator that was not ordered) (To record cost of calculators returned) (To record sale of calculators on account) (To record cost of calculators sold) Debit Credit

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 1CP
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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 Cullumber Co. at a total cost of $1,750, on account, terms n/30. 9 Paid freight of $50 on calculators purchased from Cullumber Co. 10 Returned calculators to Cullumber Co. for $55 credit because they did not meet specifications. 12 Sold calculators costing $600 for $760 to Fryer Book Store, on account, 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 $500 for $740 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter O 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. List all debit entries before credit entries.) Date Account Titles and Explanation = (To record sale of calculators on account) (To record cost of calculators sold) (To record return of calculator that was not ordered) (To record cost of calculators returned) (To record sale of calculators on account) (To record cost of calculators sold) Debit Credit
Transcribed Image Text: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 Cullumber Co. at a total cost of $1,750, on account, terms n/30. 9 Paid freight of $50 on calculators purchased from Cullumber Co. 10 Returned calculators to Cullumber Co. for $55 credit because they did not meet specifications. 12 Sold calculators costing $600 for $760 to Fryer Book Store, on account, 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 $500 for $740 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter O 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. List all debit entries before credit entries.) Date Account Titles and Explanation = (To record sale of calculators on account) (To record cost of calculators sold) (To record return of calculator that was not ordered) (To record cost of calculators returned) (To record sale of calculators on account) (To record cost of calculators sold) Debit Credit
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