Ask Question
BusinessBusiness
5 July, 07:43

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 Crane Co. at a total cost of $1,610, terms n/30.

9 Paid freight of $40 on calculators purchased from Crane Co.

10 Returned calculators to Crane Co. for $52 credit because they did not meet

specifications.

12 Sold calculators costing $580 for $760 to Fryer Book Store, terms n/30.

14 Granted credit of $45 to Fryer Book Store for the return of one calculator that

was not ordered. The calculator cost $32.

20 Sold calculators costing $650 for $800 to Heasley Card Shop, terms n/30.

Instructions:

Journalize the September transactions.

+3
Answers (1)
  1. 5 July, 10:13
    0
    Journal entry is a record of transaction listing the debit and credit entry of respective account.

    Debit entry represent an inflow while credit entry represent an outflow

    Date Description Debit Credit

    Sept, 6 Inventory 1610

    Acct. Payable 1610

    Sept. 9 Inventory 40

    Cash 40

    Sept. 10 Acct payable 52

    Inventory 52

    Sept 12 Receivable 760

    Sales 760

    Cost of goods 580

    Inventory 580

    Sept 14 Returned sales 40

    Receivable 40

    Inventory 32

    Cost of goods 32

    Sept. 20 Receivable 800

    Sales 800

    Cost of goods 650

    Inventory 650
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
All wages paid were subject to FICA. FICA tax rates were 7% each for employee and employer. In InterSlice's jurisdiction employers must also pay unemployment taxes under FUTA at a 2% rate. InterSlice remits taxes on the 15th of the following month.
Answers (1)
Who is the first female Justice of Nigeria
Answers (2)
BurgerMan and Jeffrey's are fast food chains providing similar items. BurgerMan offers food from a standard menu, while Jeffrey's positions itself as providing more customized products. Consider two franchises, one of each chain.
Answers (2)
The decision to enter a new market is an example of a. strategic planning b. management control c. tactical planning d. operational control
Answers (1)
18:Posttest 18 Economic Development and Transition 1. China's steps to modify its centrally planned economy included O special economic zones to encourage foreign investment O an increase in the military budget O an emphasis on subsistence
Answers (1)
New Questions in Business
The primary goal of the Consumer Financial Protection Bureau is: A To monitor your credit report and ensure your identity and other sensitive data has not been compromised. B To protect against abusive or deceptive debt collection purposes.
Answers (1)
Jake Skinner purchases a big screen TV on credit and will repay the loan with one payment at the end of 90 days. What type of credit did Jake use?
Answers (1)
Which most likely results from producers engaging in specialization? Producers reduce their costs. Producers increase their market share. Producers decrease the materials needed for production. Producers always offer more competitive pricing.
Answers (1)
The workers at State Hospital, a public sector employer, and Acme Inc, a private employer, are subject to speech censorship and arbitrary job termination. Constitutional issues are present only for the State Hospital workers. TrueFalse
Answers (1)
Kyle and lyle want to pool their inheritance money to make a joint investment. they are young and are willing to accept moderate to high risk over a number of years. which combination of investment options best suits their needs?
Answers (1)
Home » Business » 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 Crane Co.
Sign Up Forgot Password?