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 Sandhill Co. at a total cost of $1,680, terms n/30. 9   Paid freight of $50 on calculators purchased from Sandhill Co. 10   Returned calculators to Sandhill Co. for $51 credit because they did not meet specifications. 12   Sold calculators costing $460 for $640 to Fryer Book Store, terms n/30. 14   Granted credit of $40 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $29. 20   Sold calculators costing $500 for $720 to Heasley Card Shop, terms n/30. Journalize the September transactions.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Sandhill Co. at a total cost of $1,680, terms n/30.
9   Paid freight of $50 on calculators purchased from Sandhill Co.
10   Returned calculators to Sandhill Co. for $51 credit because they did not meet specifications.
12   Sold calculators costing $460 for $640 to Fryer Book Store, terms n/30.
14   Granted credit of $40 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $29.
20   Sold calculators costing $500 for $720 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. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 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. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 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. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 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. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 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. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 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. 6Sept. 9Sept. 10Sept. 12Sept. 14Sept. 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
  (To record cost of calculators sold)
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