On September 1, the beginning of its fiscal year, Campus Office Supply Ltd. had an inventory of 82 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred: ept. 2 Purchased 615 calculators for $20 each from Digital Corp. on account, terms n/30. 10 Returned 9 calculators to Digital for $180 credit because they did not meet specifications. Sold 220 calculators for $30 each to Campus Book Store, terms n/30. Management estimates returns of 4% based 11 on prior experience. 14 Granted credit of $270 to Campus Book Store for the return of 9 calculators that were not ordered. The calculators were restored to inventory. 29 Paid Digital the amount owing. 30 Received payment in full from the Campus Book Store.
On September 1, the beginning of its fiscal year, Campus Office Supply Ltd. had an inventory of 82 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred: ept. 2 Purchased 615 calculators for $20 each from Digital Corp. on account, terms n/30. 10 Returned 9 calculators to Digital for $180 credit because they did not meet specifications. Sold 220 calculators for $30 each to Campus Book Store, terms n/30. Management estimates returns of 4% based 11 on prior experience. 14 Granted credit of $270 to Campus Book Store for the return of 9 calculators that were not ordered. The calculators were restored to inventory. 29 Paid Digital the amount owing. 30 Received payment in full from the Campus Book Store.
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 9EB: Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19...
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