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On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $14 each. The...

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On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $14 each. The company uses a perpetual inventory system. During September, the following transactions occurred.

Sept. 6 Purchased 100 calculators at $22 each from York, terms net/30.

Sept. 9 Paid freight of $100 on calculators purchased from York Co.

Sept. 10 Returned 4 calculators to York Co. for $92 cash (including freight) because they did not meet specifications.

Sept. 12 Sold 30 calculators costing $23 (including freight) for $35 each to Sura Book Store, terms n/30.

Sept. 14 Granted credit of $35 to Sura Book Store for the return of one calculator that was not ordered.

Sept. 20 Sold 34 calculators costing $23 for $36 each to Davis Card Shop, terms n/30.

Journalize the September transactions.

Inventory:

Inventory represents items purchased or manufactured that were available for sale. The amount and level of inventory vary by industry and company capacity.

Answer and Explanation: 1

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On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $14 each. The company uses a perpetual inventory system. During...

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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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