DS Unlimited has the following transactions during August.

August 6 Purchases 82 handheld game devices on account from GameGirl, Inc., for $260 each, terms 3/10, n/60.
August 7 Pays $460 to Sure Shipping for freight charges associated with the August 6 purchase.
August 10 Returns to GameGirl seven game devices that were defective.
August 14 Pays the full amount due to GameGirl.
August 23 Sells 62 game devices purchased on August 6 for $280 each to customers on account. The total cost of the 62 game devices sold is $16,016.67.

Required:
Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system.

Solution:

Inventory                  21,320 debit

        A/P                                            21,320 credit

--to record purchase from Game Girl --

Inventory                   360 debit

       Cash                                           360 credit

--to record the freight-in--

A/P                            1,560 debit

    Inventory                                     1,560 credit

--to record returned goods to GameGirl--

A/P                          19,760 debit

      Inventory                                       395 credit

      Cash                                           19,365 credit

--to record payment to GameGirl--

accounts receivables       17,360 debit

             sales revenues                         17,360 credit

COGS                               8,406 debit

                                                              8,406 credit

--to record sale and subsequent cost of the sale--

total amount of the purchase in dollars:

82 game devices x 260 dollars each = 21,320

six returned devices:

6 x 260 = 1,560

invoice balance: 21,320 - 1,560 = 19,760

discount because payment within the first ten days:

19,760 x 2% = 395

final value: 19,760 - 395 = 19,365

sale of 62 devices at 280 = 17,360

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough