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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 $1,610, terms n/30. 9 Paid freight of $40 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo 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. Journalize the September transactions.

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Answer:

Purchased calculators from Dragoo Co. at a total cost of $1,650:

  • Dr Inventory  1650
  • Cr Accounts Payable 1650

Paid freight of $60 on calculators:

  • Dr Inventory  60
  • Cr Cash 60

Returned calculators to Dragoo Co. for $52:

  • Dr Accounts Payable  52
  • Cr Inventory 52

Sold calculators costing $580 for $760 to Fryer Book Store:

  • Dr Accounts Receivable  760
  • Cr Sales Revenue  760

  • Dr COGS  580
  • Cr Inventory 580

Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $32.20

  • Dr Sales Returns and Allowance 45
  • Cr Accounts Receivable  45

  • Dr Inventory  32.20
  • Cr COGS  32.20

Sold calculators costing $650 for $800 to Heasley Card Shop:

  • Dr Accounts Receivable  800
  • Cr Sales Revenue  800

  • Dr COGS  650
  • Cr Inventory 650

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