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Asked Jul 25, 2012, 12:36 PM — 3 Answers
On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18
each.The company uses a perpetual inventory system. During September, the following transactions
occurred.
Sept. 6 Purchased 80 calculators at $20 each from DeVito Co. for cash.
9 Paid freight of $80 on calculators purchased from DeVito Co.
10 Returned 2 calculators to DeVito Co. for $42 credit (including freight) because they
did not meet specifications.
12 Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store,
terms n/30.
14 Granted credit of $31 to Mega Book Store for the return of one calculator that was not
ordered.
20 Sold 30 calculators costing $21 for $31 each to Barbara’s Card Shop, terms n/30.

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3 Answers
pready's Avatar
pready Posts: 2,663, Reputation: 887
Ultra Member
  
#2

Jul 25, 2012, 05:05 PM
What is your question? What is posted looks like journal entries. You just need to calculate the amounts and do the journal entries.
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MommaShawn's Avatar
MommaShawn Posts: 9, Reputation: 1
New Member
  
#3

Jul 28, 2012, 12:59 PM
Quote:
Originally Posted by pready View Post
What is your question? What is posted looks like journal entries. You just need to calculate the amounts and do the journal entries.
QUOTE Please forgive me, I did not leave the instructions which are:

" Instructions"
Journalize the September transactions. QUOTE
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MommaShawn's Avatar
MommaShawn Posts: 9, Reputation: 1
New Member
  
#4

Jul 28, 2012, 01:04 PM
Quote:
Originally Posted by MommaShawn View Post
QUOTE Please forgive me, I did not leave the instructions which are:

" Instructions"
Journalize the September transactions. QUOTE
On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18
each.The company uses a perpetual inventory system. During September, the following transactions
occurred.
Sept. 6 Purchased 80 calculators at $20 each from DeVito Co. for cash.
9 Paid freight of $80 on calculators purchased from DeVito Co.
10 Returned 2 calculators to DeVito Co. for $42 credit (including freight) because they
did not meet specifications.
12 Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store,
terms n/30.
14 Granted credit of $31 to Mega Book Store for the return of one calculator that was not
ordered.
20 Sold 30 calculators costing $21 for $31 each to Barbara’s Card Shop, terms n/30.
Instructions
Journalize the September transactions.
Helpful
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