2e Financial & Managerial Accounting (ACCT 2100 & 2110) Gradebook ORION Download

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2e Financial & Managerial Accounting (ACCT 2100 & 2110) Gradebook ORION Downloadable eTextbook ent NEXT Your answer is partially correct. Try again. had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. Purchased with cash 90 calculators at $23 each from Guthrie Co. Sept. Paid freight of $90 on calculators purchased from Guthrie Co. 1Returned 2 calculators to Guthrie Co. in exchange for $48 cash (including reimbursement for freight fee) because they did not meet specifications. Sept. Sept. 12 Sept. Granted credit of $33 to Lee Book Store for the return of one calculator that was not ordered. 14 Sept. Sold 30 calculators costing $24 for $32 each to Or'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 O for the amounts. Record journal entries in the order presented in the problem.) Debit Date Account Titles and Explanation 2070 Sept. 6 !Inventory 2070 Cash 90 ept. 9 -1nventory Version 4.24.5.1 All Rights Reserved. A Division of Joh

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Date

Date

Account Titles and Explanation Debit $ Credit $ 6-Sep Inventory (90*23) 2070 Cash 2070 ( To record the purchase of calculators by paying cash) 9-Sep Inventory 90 Cash 90 ( To record the payment of freight on calculators) 10-Sep Cash 48 Inventory Return 48 ( To record the purchase returns by receiving cash) 12-Sep Accounts Receivable (28*33) 924 Inventory 924 (To record the sale of calculators on account) Cost of goods sold (24*28) 672 Inventory 672 ( To record the cost of goods sold) 14-Sep Sales Return 33 Accounts Receivable 33 (To record sales returns on account) 20-Sep Accounts Receivable (30*32) 960 Sales Revenue 960 (To record the sale of calculators on account) Cost of goods sold (30*24) 720 Inventory 720 ( To record the cost of goods sold)

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