US On September 1, Flint Office Supply had an inventory of 30 calculators at a c
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US On September 1, Flint Office Supply had an inventory of 30 calculators at a cost of $12 each. The company uses a perpetual inventory system. During September, the folowing transactions occurred Sept. 9 Paid freight of $100 on calculators purchased from Pina Colada Corp Sept. 10 Returned 3 calculators to Pina Colada Corp, for $78 cash (including freight) because they did not meet specifications Sept. 12 Sold 29 calculators costing $26 (inclading frelight) for $34 each on account to Lee Book Store, terms n/3 Sept. 14 Granted credit of $34 to Lee Book Store for the return of one calculator that was not ordered Sept. 20 Sold 31 calculators costing $26 for $33 each on account to Orr's Card Shop, terms n/30. No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem Credit /3/2018 Ask me anytExplanation / Answer
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Date Account Description Debit Credit 6-Sep Inventory $ 2,500 Cash $ 2,500 (To record purchase ) 9-Sep Inventory $ 100 Cash $ 100 (To record Freight) 10-Sep Cash $ 78 Inventory $ 78 (To Record Purchase Return) 12-Sep Accounts Receivable $ 986 Sales Revenue $ 986 (To Record Sale) 12-Sep Cost of Goods Sold $ 754 Inventory $ 754 (To Record COGS) 14-Sep Sales Return $ 34 Accounts Receivable $ 34 (To record Sales Return) 14-Sep Inventory $ 26 Cost of Goods Sold $ 26 (To Record COGS of Returned goods) 20-Sep Accounts Receivable $ 1,023 Sales Revenue $ 1,023 (To Record Sale) 20-Sep Cost of Goods Sold $ 806 Inventory $ 806 (To Record COGS)Related Questions
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