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On September 1, the beginning of its fiscal year, Campus Office Supply Ltd. had an inventory of 82 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred: ept. 2 Purchased 615 calculators for $20 each from Digital Corp. on account, terms n/30. 10 Returned 9 calculators to Digital for $180 credit because they did not meet specifications. Sold 220 calculators for $30 each to Campus Book Store, terms n/30. Management estimates returns of 4% based 11 on prior experience. 14 Granted credit of $270 to Campus Book Store for the return of 9 calculators that were not ordered. The calculators were restored to inventory. 29 Paid Digital the amount owing. 30 Received payment in full from the Campus Book Store.

On September 1, the beginning of its fiscal year, Campus Office Supply Ltd. had an inventory of 82 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred: ept. 2 Purchased 615 calculators for $20 each from Digital Corp. on account, terms n/30. 10 Returned 9 calculators to Digital for $180 credit because they did not meet specifications. Sold 220 calculators for $30 each to Campus Book Store, terms n/30. Management estimates returns of 4% based 11 on prior experience. 14 Granted credit of $270 to Campus Book Store for the return of 9 calculators that were not ordered. The calculators were restored to inventory. 29 Paid Digital the amount owing. 30 Received payment in full from the Campus Book Store.

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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I'm really stuck on how to solve and sort this problem. Here is a picture of the problem as well as the cells they want me to put the transactions into

Record the September transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Sept. 2 : Inventory 12300 Accounts Payable Sept. 10 : Accounts Payable 180 Inventory Sept. 11 : Accounts Receivable 6600 Sales (To record credit sale) Sept. 11 : Cost of Goods Sold Estimated Inventory Returns Inventory (To record cost of merchandise sold) (To record return of goods) (To record cost of merchandise returned)
Transcribed Image Text:Record the September transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Sept. 2 : Inventory 12300 Accounts Payable Sept. 10 : Accounts Payable 180 Inventory Sept. 11 : Accounts Receivable 6600 Sales (To record credit sale) Sept. 11 : Cost of Goods Sold Estimated Inventory Returns Inventory (To record cost of merchandise sold) (To record return of goods) (To record cost of merchandise returned)
On September 1, the beginning of its fiscal year, Campus Office Supply Ltd. had an inventory of 82 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred: ept. 2 Purchased 615 calculators for $20 each from Digital Corp. on account, terms n/30. 10 Returned 9 calculators to Digital for $180 credit because they did not meet specifications. Sold 220 calculators for $30 each to Campus Book Store, terms n/30. Management estimates returns of 4% based 11 on prior experience. Granted credit of $270 to Campus Book Store for the return of 9 calculators that were not ordered. The calculators were restored to inventory. 14 29 Paid Digital the amount owing. 30 Received payment in full from the Campus Book Store.
Transcribed Image Text:On September 1, the beginning of its fiscal year, Campus Office Supply Ltd. had an inventory of 82 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred: ept. 2 Purchased 615 calculators for $20 each from Digital Corp. on account, terms n/30. 10 Returned 9 calculators to Digital for $180 credit because they did not meet specifications. Sold 220 calculators for $30 each to Campus Book Store, terms n/30. Management estimates returns of 4% based 11 on prior experience. Granted credit of $270 to Campus Book Store for the return of 9 calculators that were not ordered. The calculators were restored to inventory. 14 29 Paid Digital the amount owing. 30 Received payment in full from the Campus Book Store.
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