E5-3 (LO 2, 3), AP Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 9 10 12 14 20 Purchased calculators from Dragoo Co. at a total cost of $1,600, on account, terms n/30, FOB shipping point. Paid freight of $50 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. Sold calculators costing $520 for $690 to Fryer Book Store, on account, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, on account, terms n/30. Instructions Journalize the September transactions for Office Depot. Journalize perpetual inventory entries.
E5-3 (LO 2, 3), AP Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 9 10 12 14 20 Purchased calculators from Dragoo Co. at a total cost of $1,600, on account, terms n/30, FOB shipping point. Paid freight of $50 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. Sold calculators costing $520 for $690 to Fryer Book Store, on account, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, on account, terms n/30. Instructions Journalize the September transactions for Office Depot. Journalize perpetual inventory entries.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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