Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Blossom Co. at a total cost of $1,750, terms n/30.
9 Paid freight of $50 on calculators purchased from Blossom Co.
10 Returned calculators to Blossom Co. for $58 credit because they did not meet specifications.
12 Sold calculators costing $510 for $700 to Fryer Book Store, terms n/30.
14 Granted credit of $35 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $25.
20 Sold calculators costing $680 for $880 to Heasley Card Shop, terms n/30.
SHOW ALL WORK LIKE A JOURNAL ENTRY SHOULD LOOK.

See the journal and the explanation underneath each transaction below.

Explanation:

The journal entry will look as follows:

Date           Details                                      Dr ($)             Cr ($)  

Sept. 06     Merchandise Inventory           1,750

                   Accounts payable                                         1,750

To record purchase of calculators on account.                          

Sept. 09     Merchandise Inventory              50

                  Cash                                                                    50

To record Freight paid on purchase of Merchandise Inventory.

Sept. 10     Accounts payable                        58

                  Merchandise Inventory                                      58

To record calculator returned Blossom Co.                                  

Sept. 12      Accounts Receivable               700

                   Sales                                                                 700

To record sale of calculators on account.                                      

Sept. 12       Cost of goods sold                    510

                   Merchandise Inventory                                    510

To transfer cost of calculators sold.                                                

Sept. 14        Sales return and discounts       35

                    Accounts receivable                                        35

To record return of calculator sold which was not ordered.          

Sept. 14         Merchandise Inventory             25

                     Cost of goods sold                                          25

To record cost of goods sold that was returned.                            

Sept. 20        Accounts Receivable               880

                      Sales                                                              880

To record calculators sold on account.                                            

Sept. 20         Cost of goods sold                   680

                       Merchandise Inventory                                680

To record cost of goods sold.                                                          

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