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 following transactions occurred.

Journalize the September transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

please include all answers and calculation. thank you

List of accounts:

Sept. 6 Purchased with cash 85 calculators at $25 each from York Co. Sept. 9 Paid freight of $85 on calculators purchased from York Co. Sept. 10 Returned 5 calculators to York in exchange for $130 cash (including reimbursement for freight fee) because they did not meet specifications. Sept. 12 Sold 27 calculators costing $26 (including freight) for $32 each to Sura Book Store, terms n/30. 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.

Explanation / Answer

Req 1. Journal entries: Date Accounts title and explanations Debit $ Credit $ 6-Sep Merchandise Inventory Dr. 2125    Cash account 2125 9-Sep Merchandise Inventory Dr. 85    Cash account 85 10-Sep Cash account Dr. 130    Merchandise Inventory account 130 12-Sep Accounts receivable Account Dr. 864       Sales revenue account (27*32) 864 Cost of Goods sold Account Dr. 702     Merchandise Inventory (27*26) 702 14-Sep Sales return and allowance Dr. 32    Accounts receivable 32 Merchandise inventory Dr. 26     Cost of Goods sold 26 20-Sep Accounts receivable Account Dr. 1023       Sales revenue account (31*33) 1023 Cost of Goods sold Account Dr. 806     Merchandise Inventory (31*26) 806

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