On September 1, Nixa 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 90 calculators at $22 each from York, terms net/30. |
| 9 | Paid freight of $90 on calculators purchased from York Co. |
| 10 | Returned 3 calculators to York Co. for $69 credit (including freight) because they did not meet specifications. |
| 12 | Sold 26 calculators costing $23 (including freight) for $31 each to Sura Book Store, terms n/30. |
| 14 | Granted credit of $31 to Sura Book Store for the return of one calculator that was not ordered. |
| 20 | Sold 30 calculators costing $23 for $32 each to Davis Card Shop, terms n/30. |
Instructions
Journalize the September transactions.
Solution
Nixa Office Supply
Journal Entries
(Perpetual Inventory System)
Journal Entries
(Perpetual Inventory System)
