ACC 281 E5-3 - On September 1, Howe Office Supply had an...

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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 ordered. 20 Sold 30 calculators costing $21 for $31 each to Barbara’s Card Shop, terms n/30. Instructions Journalize the September transactions. Sept. 6 Merchandise Inventory…………………………………………………………… Cash………………………………………………………………………… (to record goods purchsed for cash from De Vito Co.) 9
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ACC 281 E5-3 - On September 1, Howe Office Supply had an...

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