On September 1, Nixa Office Supply had an inventory of 35 calculators at a cost

Question

On September 1, Nixa Office Supply had an inventory of 35 calculators at a cost of $16 each. The company uses a perpetual inventory system. During September the follow transactions occurred. Journalist the transactions

ercise 5-3 September 1, Nixa Office Supply had an inventory of 35 calculators at a cost of $16 each. The compny use ne ansactions occurred. ept. 6 Purchased with cash 85 calculators at $25 each from York Co. ept. 9 Paid freight of $85 on calculators purchased from York Co. d 5 calculators to York in exchange for $130 cash (including reimbursement for freight fee) because they did not a Sept. 12 Sold 27 calculators costing $26 (including freight) for $32 each to Sura a Sept. 14 Granted credit of $32 to Sura Book Store for the return of one calculator that was not ordered. Sept. 20 Sold 31 calculators costing $26 for $33 each to Davis Card Shop, terms n/30. ournalize the September transactions. (Credit account titles are automatically indented iwhen amount is entered. Do not indint the order presented in the problem.) Debit Credit Date Account Titles and Explanation

Explanation / Answer

Sep 6

Merchandise Inventory. ( 80 × $25). $2000

Cash. $2,000

Sep 9

Merchandise Inventory $85

Cash . $85

Sep 10

Accounts Payable . $130

Merchandise Inventory . $130

Sep 12

Accounts receivable . ( 27 × $32) $864

Sales . $864

Cost of goods sold. (27 × $26). $702

Merchandise Inventory. $702

Sep 14

Sales returns and allowances. $32

Accounts receivable . $32

Merchandise Inventory. $26

Cost of goods sold . $26

Sep 20

Accounts receivable .( 31 × $33) $1,023

Sales . $1,023

Cost of goods sold. (31 × $26) . $806

Merchandise Inventory. $806

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