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Question 2 of 12 - .../15 View Policies Current Attempt in Progress On September 1,...

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Accounting

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Question 2 of 12 - .../15 View Policies Current Attempt in Progress On September 1, the beginning of its fiscal year. Campus Office Supply Ltd. had an inventory of 116 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred: Sept. 2 10 11 Purchased 870 calculators for $20 each from Digital Corp. on account, terms n/30, Returned 26 calculators to Digital for $520 credit because they did not meet specifications. Sold 390 calculators for $30 each to Campus Book Store terms 1/30 Management estimates returns of 4% based on prior experience. Granted credit of $780 to Campus Book Store for the return of 26 calculators that were not ordered. The calculators were restored to inventory. Paid Digital the amount owing. Received payment in full from the Campus Book Store. 14 29 30 Question 2 of 12 .../15 Create T accounts for the Inventory and Cost of Goods Sold accounts. Enter the opening balances and post the September transactions. (Post entries in the order presented in the problem) Inventory > Cost of Goods Sold

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