On September 1, Boylan Office Supply had an inventory of 33 calculators at a cost of $16 each. The company uses a perpetual inventory system. During September, the following transactions occurred.
|Sept. 6||Purchased with cash 95 calculators at $23 each from Guthrie Co.|
|Sept. 9||Paid freight of $95 on calculators purchased from Guthrie Co.|
|Sept. 10||Returned 3 calculators to Guthrie Co. for $72 credit (including freight) because they did not meet specifications.|
|Sept 12||Sold 34 calculator costing $24 (including freight) for $35 each to Lee book Store, terms n/30.|
|Sept. 14||Granted credit of $35 to Lee Book Store for the return of one calculator that was not ordered.|
|Sept 20||Sold 39 calculators costing $24 for $37 each to Orr?s Card Shop, terms n/30.|
Journalize the September transactions.
Journal entries are prepared to record business transactions in the general ledger. The financial statements are prepared from the general ledger account balances.
Answer and Explanation: 1
Total cash paid for calculators is calculated as:
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fromChapter 3 / Lesson 10
Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples.