On September 1, Blue Office Supply had an inventory of 35 calculators at a cost of $14 each. The company uses a perpetual inventory system. During September, the following transactions occurred.Sept.6 Purchased 85 calculators at $24 each from York Co.Sept.9 Paid freight of $85 on calculators purchased from York Co.Sept.10 Returned 4 calculators to York Co. for $100 cash (including freight) because they did not meet specifications.Sept.12 Sold 27 calculators costing $25 (including freight) for $32 each on account to Sura Book Store, terms n/30.Sept.14 Granted credit of $32 to Sura Book Store for the return of one calculator that was not ordered.Sept.20 Sold 34 calculators costing $25 for $36 each on account to Davis Card Shop, terms n/30.Journalize the September transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Perpetual Inventory system- Inventory quantity updated perpetually on an ongoing basis, usually real…

Answered: On September 1, Blue Office Supply had…

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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On September 1, Blue Office Supply had an inventory of 35 calculators at a cost of $14 each. The company uses a perpetual inventory system. During September, the following transactions occurred.

Sept.	6	Purchased 85 calculators at $24 each from York Co.
Sept.	9	Paid freight of $85 on calculators purchased from York Co.
Sept.	10	Returned 4 calculators to York Co. for $100 cash (including freight) because they did not meet specifications.
Sept.	12	Sold 27 calculators costing $25 (including freight) for $32 each on account to Sura Book Store, terms n/30.
Sept.	14	Granted credit of $32 to Sura Book Store for the return of one calculator that was not ordered.
Sept.	20	Sold 34 calculators costing $25 for $36 each on account to Davis Card Shop, terms n/30.

Journalize the September transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

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