On September 1, Boylan Office Supply had an inventory of 33 calculators at a cost of $16 each....
Question:
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:
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
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View this answerSeptember 6th:
| Date | General Journal | Debit | Credit |
| September 6 | Inventory | 2,185 | |
| Cash | 2,185 |
Total cash paid for calculators is calculated as:
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Journal Entries and Trial Balance in Accounting
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Chapter 3 / Lesson 10
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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.
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