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 Sunland Co. at a total cost of $1,620, terms n/30. 9 Paid freight of $50 on calculators purchased from Sunland Co. 10 Returned calculators to Sunland Co. for $59 credit because they did not meet specifications. 12 Sold calculators costing $470 for $720 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 $31. 20 Sold calculators costing $530 for $770 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.) Date Account Titles and Explanation Debit Credit choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 1 enter a debit amount enter a credit amount enter an account title for entry 1 enter a debit amount enter a credit amount choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 2 enter a debit amount enter a credit amount enter an account title for entry 2 enter a debit amount enter a credit amount choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 3 enter a debit amount enter a credit amount enter an account title for entry 3 enter a debit amount enter a credit amount choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 4 to record credit sales enter a debit amount enter a credit amount enter an account title for entry 4 to record credit sales enter a debit amount enter a credit amount (To record sale of calculators on account) choose a transaction date Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20 enter an account title for entry 5 enter a debit amount enter a credit amount enter an account title for entry 5 enter a debit amount enter a credit amount (To record cost of calculators sold) choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 6 to record credit granted for returned goods enter a debit amount enter a credit amount enter an account title for entry 6 to record credit granted for returned goods enter a debit amount enter a credit amount (To record return of calculator that was not ordered) choose a transaction date Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20 enter an account title for entry 7 enter a debit amount enter a credit amount enter an account title for entry 7 enter a debit amount enter a credit amount (To record cost of calculators returned) choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 8 to record sales enter a debit amount enter a credit amount enter an account title for entry 8 to record sales enter a debit amount enter a credit amount (To record sale of calculators on account) choose a transaction date Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20 enter an account title for entry 9 to record cost of goods sold enter a debit amount enter a credit amount enter an account title for entry 9 to record cost of goods sold enter a debit amount enter a credit amount

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 Sunland Co. at a total cost of $1,620, terms n/30. 9 Paid freight of $50 on calculators purchased from Sunland Co. 10 Returned calculators to Sunland Co. for $59 credit because they did not meet specifications. 12 Sold calculators costing $470 for $720 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 $31. 20 Sold calculators costing $530 for $770 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.) Date Account Titles and Explanation Debit Credit choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 1 enter a debit amount enter a credit amount enter an account title for entry 1 enter a debit amount enter a credit amount choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 2 enter a debit amount enter a credit amount enter an account title for entry 2 enter a debit amount enter a credit amount choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 3 enter a debit amount enter a credit amount enter an account title for entry 3 enter a debit amount enter a credit amount choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 4 to record credit sales enter a debit amount enter a credit amount enter an account title for entry 4 to record credit sales enter a debit amount enter a credit amount (To record sale of calculators on account) choose a transaction date Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20 enter an account title for entry 5 enter a debit amount enter a credit amount enter an account title for entry 5 enter a debit amount enter a credit amount (To record cost of calculators sold) choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 6 to record credit granted for returned goods enter a debit amount enter a credit amount enter an account title for entry 6 to record credit granted for returned goods enter a debit amount enter a credit amount (To record return of calculator that was not ordered) choose a transaction date Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20 enter an account title for entry 7 enter a debit amount enter a credit amount enter an account title for entry 7 enter a debit amount enter a credit amount (To record cost of calculators returned) choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20 enter an account title for entry 8 to record sales enter a debit amount enter a credit amount enter an account title for entry 8 to record sales enter a debit amount enter a credit amount (To record sale of calculators on account) choose a transaction date Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20 enter an account title for entry 9 to record cost of goods sold enter a debit amount enter a credit amount enter an account title for entry 9 to record cost of goods sold enter a debit amount enter a credit amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 Sunland Co. at a total cost of $1,620, terms n/30.
9		Paid freight of $50 on calculators purchased from Sunland Co.
10		Returned calculators to Sunland Co. for $59 credit because they did not meet specifications.
12		Sold calculators costing $470 for $720 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 $31.
20		Sold calculators costing $530 for $770 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.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20	enter an account title for entry 1	enter a debit amount	enter a credit amount
	enter an account title for entry 1	enter a debit amount	enter a credit amount
choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20	enter an account title for entry 2	enter a debit amount	enter a credit amount
	enter an account title for entry 2	enter a debit amount	enter a credit amount
choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20	enter an account title for entry 3	enter a debit amount	enter a credit amount
	enter an account title for entry 3	enter a debit amount	enter a credit amount
choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20	enter an account title for entry 4 to record credit sales	enter a debit amount	enter a credit amount
	enter an account title for entry 4 to record credit sales	enter a debit amount	enter a credit amount
	(To record sale of calculators on account)
choose a transaction date Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20	enter an account title for entry 5	enter a debit amount	enter a credit amount
	enter an account title for entry 5	enter a debit amount	enter a credit amount
	(To record cost of calculators sold)
choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20	enter an account title for entry 6 to record credit granted for returned goods	enter a debit amount	enter a credit amount
	enter an account title for entry 6 to record credit granted for returned goods	enter a debit amount	enter a credit amount
	(To record return of calculator that was not ordered)
choose a transaction date Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20	enter an account title for entry 7	enter a debit amount	enter a credit amount
	enter an account title for entry 7	enter a debit amount	enter a credit amount
	(To record cost of calculators returned)
choose a transaction date Sept. 6 Sept. 9 Sept. 10 Sept. 12 Sept. 14 Sept. 20	enter an account title for entry 8 to record sales	enter a debit amount	enter a credit amount
	enter an account title for entry 8 to record sales	enter a debit amount	enter a credit amount
	(To record sale of calculators on account)
choose a transaction date Sept. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 20	enter an account title for entry 9 to record cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title for entry 9 to record cost of goods sold	enter a debit amount	enter a credit amount

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