On September 1, Concord Office Supply had an inventory of 30 calculators at a co

Question

On September 1, Concord Office Supply had an inventory of 30 calculators at a cost of $12 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased with cash 85 calculators at $24 each from Sheffield Corp.. Sept. 9 Paid freight of $85 on calculators purchased from Sheffield Corp.. Sept. 10 Returned 3 calculators to Sheffield Corp. for $75 cash (including freight) because they did not meet specifications. Sept. 12 Sold 27 calculators costing $25 (including freight) for $32 each on account to Lee Book Store, terms n/30. Sept. 14 Granted credit of $32 to Lee Book Store for the return of one calculator that was not ordered. Sept. 20 Sold 33 calculators costing $25 for $35 each on account to Orr's Card Shop, terms n/30. Journalize the September transactions.

Explanation / Answer

date particulars debit credit sept-6 purchase 85*24=2040 to Sheffield Corp 2040 Sept. 9 freight A/c $85 to cash $85 sept 10 Sheffield A/c $75 to purchase Returns $75 Sept. 12 lee book store A/c $864 to sales A/c $864 Sept. 14 Sales Returns A/c $32 to lee book store A/c $32 sept 20 Orr's Card Shop a/c $1155 to purchase A/c $1155 sept 12 cost of goods sold $675 purchase a/c $675 sept 20 cost of goods sold $825 $825

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