On September 1, Boylan Office Supply had an inventory of 30 calculators at a cos

Question

On September 1, Boylan Office Supply had an inventory of 30 calculators at a cost of $16 each. The company uses a perpetual inventory system. During September, the following transactions occurred Sept. 6 Purchased with cash 100 calculators at $21 each from Guthrie Co. Sept. 9 Paid freight of $100 on calculators purchased from Guthrie Co. Sept. 10 Returned 2 calculators to Guthrie Co. in exchange for $44 cash (including reimbursement for freight fee) because they did not meet specifications. Sept. 12 Sold 27 calculators costing $22 (including freight) for $32 each to Lee Book Store, terms n/30 Sept. 14 Granted credit of $32 to Lee Book Store for the return of one calculator that was not ordered Sept. 20 Sold 31 calculators costing $22 for33 each 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 O for the amounts. Record journal entries in the orderpresented in the problem Date Account Titles and Explanation Debit Credit (To record credit sale) To record cost of merchandise sold) To record merchandise returned)

Explanation / Answer

Sept 6: Inventory A/c. Dr. 2100

To Guthrie co. 2100

Sept 9 Freight expenses Dr. 100

To Cash. 100

Sept 10 cash Dr 44

Inventoey. 42

Freight expenses. 2

Sept12 : Lee book. Dr 864

To sales 864

Cost of goods sold .Dr 594

To Inventory. 594

Sept 14. Sales Return. Dr 32

To Lee book. 32

  

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