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E5.3 (LO 2, 3), AP On September 1, Nixa Office Supply had an inventory that included a variety of cal- culators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 9 10 12 14 20 Purchased calculators from York Co. at a total cost of $1,980, terms n/30, FOB shipping point. Paid freight of $90 on calculators purchased from York Co. Returned calculators to York Co. for $69 cash (including freight) because they did not meet specifications. Sold calculators costing $598 for $806 to Sura Book Store, on account, terms n/30. Granted credit of $31 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $23. Sold 30 calculators costing $690 for $960 on account to Davis Card Shop, on account, terms n/30. Instructions Journalize the September transactions for Nixa Office Supply.

E5.3 (LO 2, 3), AP On September 1, Nixa Office Supply had an inventory that included a variety of cal- culators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 9 10 12 14 20 Purchased calculators from York Co. at a total cost of $1,980, terms n/30, FOB shipping point. Paid freight of $90 on calculators purchased from York Co. Returned calculators to York Co. for $69 cash (including freight) because they did not meet specifications. Sold calculators costing $598 for $806 to Sura Book Store, on account, terms n/30. Granted credit of $31 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $23. Sold 30 calculators costing $690 for $960 on account to Davis Card Shop, on account, terms n/30. Instructions Journalize the September transactions for Nixa Office Supply.

FINANCIAL ACCOUNTING
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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E5.3 (LO 2, 3), AP On September 1, Nixa Office Supply had an inventory that included a variety of cal- culators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 9 10 12 14 20 Purchased calculators from York Co. at a total cost of $1,980, terms n/30, FOB shipping point. Paid freight of $90 on calculators purchased from York Co. Returned calculators to York Co. for $69 cash (including freight) because they did not meet specifications. Sold calculators costing $598 for $806 to Sura Book Store, on account, terms n/30. Granted credit of $31 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $23. Sold 30 calculators costing $690 for $960 on account to Davis Card Shop, on account, terms n/30. Instructions Journalize the September transactions for Nixa Office Supply. Journalize perpetual inventory entries.
Transcribed Image Text:E5.3 (LO 2, 3), AP On September 1, Nixa Office Supply had an inventory that included a variety of cal- culators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 9 10 12 14 20 Purchased calculators from York Co. at a total cost of $1,980, terms n/30, FOB shipping point. Paid freight of $90 on calculators purchased from York Co. Returned calculators to York Co. for $69 cash (including freight) because they did not meet specifications. Sold calculators costing $598 for $806 to Sura Book Store, on account, terms n/30. Granted credit of $31 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $23. Sold 30 calculators costing $690 for $960 on account to Davis Card Shop, on account, terms n/30. Instructions Journalize the September transactions for Nixa Office Supply. Journalize perpetual inventory entries.
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