US On September 1 Flint Office Supply had an inventory of 30
US On September 1, Flint Office Supply had an inventory of 30 calculators at a cost of $12 each. The company uses a perpetual inventory system. During September, the folowing transactions occurred Sept. 9 Paid freight of $100 on calculators purchased from Pina Colada Corp Sept. 10 Returned 3 calculators to Pina Colada Corp, for $78 cash (including freight) because they did not meet specifications Sept. 12 Sold 29 calculators costing $26 (inclading frelight) for $34 each on account to Lee Book Store, terms n/3 Sept. 14 Granted credit of $34 to Lee Book Store for the return of one calculator that was not ordered Sept. 20 Sold 31 calculators costing $26 for $33 each on account to Orr\'s Card Shop, terms n/30. No Entry\" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem Credit /3/2018 Ask me anyt
Solution
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| Date | Account Description | Debit | Credit |
| 6-Sep | Inventory | $ 2,500 | |
| Cash | $ 2,500 | ||
| (To record purchase ) | |||
| 9-Sep | Inventory | $ 100 | |
| Cash | $ 100 | ||
| (To record Freight) | |||
| 10-Sep | Cash | $ 78 | |
| Inventory | $ 78 | ||
| (To Record Purchase Return) | |||
| 12-Sep | Accounts Receivable | $ 986 | |
| Sales Revenue | $ 986 | ||
| (To Record Sale) | |||
| 12-Sep | Cost of Goods Sold | $ 754 | |
| Inventory | $ 754 | ||
| (To Record COGS) | |||
| 14-Sep | Sales Return | $ 34 | |
| Accounts Receivable | $ 34 | ||
| (To record Sales Return) | |||
| 14-Sep | Inventory | $ 26 | |
| Cost of Goods Sold | $ 26 | ||
| (To Record COGS of Returned goods) | |||
| 20-Sep | Accounts Receivable | $ 1,023 | |
| Sales Revenue | $ 1,023 | ||
| (To Record Sale) | |||
| 20-Sep | Cost of Goods Sold | $ 806 | |
| Inventory | $ 806 | ||
| (To Record COGS) |
