On September 1, Swifty Office Supply had an inventory of 30 calculators at a cost...
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On September 1, Swifty Office Supply had an inventory of 30 calculators at a cost of $22 each. The company uses a perpetual inventory system. During September, the following transactions occurred. 9 Total transactions in the journal entry.
| Sept. | 6 | Purchased 70 calculators at $24 each from Danny Co. for cash. | |
| 9 | Paid freight of $70 on calculators purchased from Danny Co. | ||
| 10 | Returned 2 calculators to Danny Co. for $50 credit (including freight) because they did not meet specifications. | ||
| 12 | Sold 33 calculators (30 costing $22, and 3 costing $25 including freight) for $33 each to Great Big Book Store, terms n/30. | ||
| 14 | Granted credit of $33 to Great Big Book Store for the return of one calculator that was not ordered. The calculator cost $25. | ||
| 20 | Sold 40 calculators costing $25 for $33 each to Bushs Card Shop, terms n/30. |
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