On September 1, Howe Office Supply had an inventory of 30 pocket calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
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Sept. |
6 |
Purchased 80 calculators at $20 each from De Vito Co. for cash. |
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9 |
Paid freight of $80 on calculators purchased from De Vito Co. |
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10 |
Returned 2 calculators to De Vito Co. for a $42 credit (including freight) because they did not meet specifications. |
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12 |
Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store, terms n/30. |
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14 |
Granted credit of $31 Mega Book Store for the return of one calculator that was not ordered. |
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20 |
Sold 30 calculators costing $21 for $31 each to Barbara’s Card Shop, terms n/30. |
Instructions
Journalize the September transactions.
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