Question

Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred.
Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,680, terms n/30.
Sept. 9 Paid freight of $60 on calculators purchased from Dragoo Co.
Sept. 10 Returned calculators to Dragoo Co. for $58 credit because they did not meet specifications.
Sept. 12 Sold calculators costing $580 for $810 to Fryer Book Store, terms n/30.
Sept. 14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator costs $33.
Sept. 20 Sold calculators costing $570 for $740 to Heasley Card Shop, terms n/30.
Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer 1

Answer:

Date      Account Titles           Debit        Credit

Sept 6.  Inventory                   $1,680

                  Accounts Payable                  $1,680

Sept 9.  Inventory                    $60

                   Cash                                       $60

Sept 10 Accounts Payable       $58

                    Inventory                                $58

Sept 12 Accounts Receivable  $810

                   Sales Revenues                      $810

            Cost of Goods Sold     $580

                   Inventory                                 $580

Sept 14  Sales returns               $45

                    Accounts Receivable             $45

              Inventory                     $33

                   Cost of Goods Sold                 $33

Sept 20 Accounts Receivable  $740

                   Sales Revenues                       $740

             Cost of Goods Sold     $570

                    Inventory                                  $570