On September 1, Ayayai Office Supply had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased calculators from Marin Co. at a total cost of $2,070, terms n/30, FOB shipping point. 9 Paid freight of $90 on calculators purchased from Marin Co. 10 Returned calculators to Marin Co. for $120 cash (including freight) because they did not meet specifications. 12 Sold calculators costing $648 for $864 to Sura Book Store, on account, terms n/30. 14 Granted credit of $32 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $24. 20 Sold 30 calculators costing $816 for $1,224 on account to Davis Card Shop, on account,terms n/30.
On September 1, Ayayai Office Supply had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased calculators from Marin Co. at a total cost of $2,070, terms n/30, FOB shipping point. 9 Paid freight of $90 on calculators purchased from Marin Co. 10 Returned calculators to Marin Co. for $120 cash (including freight) because they did not meet specifications. 12 Sold calculators costing $648 for $864 to Sura Book Store, on account, terms n/30. 14 Granted credit of $32 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $24. 20 Sold 30 calculators costing $816 for $1,224 on account to Davis Card Shop, on account,terms n/30.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On September 1, Ayayai Office Supply had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, the following transactions occurred.
|
Sept.
|
6
|
Purchased calculators from Marin Co. at a total cost of $2,070, terms n/30, FOB shipping point. | |
|
|
9
|
Paid freight of $90 on calculators purchased from Marin Co. | |
|
|
10
|
Returned calculators to Marin Co. for $120 cash (including freight) because they did not meet specifications. | |
|
|
12
|
Sold calculators costing $648 for $864 to Sura Book Store, on account, terms n/30. | |
|
|
14
|
Granted credit of $32 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $24. | |
|
|
20
|
Sold 30 calculators costing $816 for $1,224 on account to Davis Card Shop, on account,terms n/30.
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education