E5-3 Assignment - ordered. 20 Sold 30 calculators costing...

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E5-3 On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased 80 calculators at $20 each from DeVito Co. for cash. 9 Paid freight of $80 on calculators purchased from DeVito Co. 10 Returned 2 calculators to DeVito Co. for $42 credit (including freight) because they did not meet specifications. 12 Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store, terms n/30. 14 Granted credit of $31 to Mega Book Store for the return of one calculator that was not
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Unformatted text preview: ordered. 20 Sold 30 calculators costing $21 for $31 each to Barbaras Card Shop, terms n/30. Instructions Journalize the September transactions. Sept 6 Merchandise Inventory 1,600 Cash 1,600 9 Merchandise Inventory 80 Cash 80 10 Account Payable 42 Merchandise Inventory 42 12 Account Receivable 806 Sales 806 12 Cost of Goods Sold 546 Merchandise Inventory 546 14 Sales Returns and Allowances 31 Accounts Receivable 31 14 Merchandise Inventory 21 Cost of Goods Sold 21 20 Accounts Receivable 930 Sales 930 20 Cost of Goods Sold 630 Merchandise Inventory 630...
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This note was uploaded on 03/28/2011 for the course ACCT 349 taught by Professor Goyal during the Spring '09 term at University of Phoenix.

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