On September 1, Pina Colada 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 with cash 85 calculators at $23 each from Windsor, Inc.. Sept. 9 Sept. 10 Paid freight of $85 on calculators purchased from Windsor, Inc.. Returned 2 calculators to Windsor, Inc. for $48 cash (including freight) because they did not meet specifications. Sept. 12 Sold 29 calculators costing $24 (including freight) for $34 each on account to Lee Book Store, terms n/30. Granted credit of $34 to Lee Book Store for the return of one calculator that was not ordered. Sept. 14 Sept. 20 Sold 32 calculators costing $24 for $34 each on account to Orr's Card Shop, terms n/30. Journalize the September transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accouns titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
On September 1, Pina Colada 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 with cash 85 calculators at $23 each from Windsor, Inc.. Sept. 9 Sept. 10 Paid freight of $85 on calculators purchased from Windsor, Inc.. Returned 2 calculators to Windsor, Inc. for $48 cash (including freight) because they did not meet specifications. Sept. 12 Sold 29 calculators costing $24 (including freight) for $34 each on account to Lee Book Store, terms n/30. Granted credit of $34 to Lee Book Store for the return of one calculator that was not ordered. Sept. 14 Sept. 20 Sold 32 calculators costing $24 for $34 each on account to Orr's Card Shop, terms n/30. Journalize the September transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accouns titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Chapter1: Financial Statements And Business Decisions
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Exercise 5-3
On September 1, Pina Colada 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 with cash 85 calculators at $23 each from Windsor, Inc..
Paid freight of $85 on calculators purchased from Windsor, Inc..
Sept. 9
Sept. 10
Returned 2 calculators to Windsor, Inc. for $48 cash (including freight) because they did not meet specifications.
Sold 29 calculators costing $24 (including freight) for $34 each on account to Lee Book Store, terms n/30.
Sept. 12
Sept. 14
Sept. 20
Granted credit of $34 to Lee Book Store for the return of one calculator that was not ordered.
Sold 32 calculators costing $24 for $34 each on account to Orr's Card Shop, terms n/30.
Journalize the September transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account
titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
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