On september 1, nixa office supply had an inventory of 30 calculators at a cost of $14 each. the company uses a perpetual inventory system. during september, the following transactions occurred.

sept. 6 purchased 100 calculators at $22 each from york, terms net/30.
sept. 9 paid freight of $100 on calculators purchased from york co.
sept. 10 returned 4 calculators to york co. for $92 cash (including freight) because they did not meet specifications.
sept. 12 sold 30 calculators costing $23 (including freight) for $35 each to sura book store, terms n/30.
sept. 14 granted credit of $35 to sura book store for the return of one calculator that was not ordered.
sept. 20 sold 34 calculators costing $23 for $36 each to davis card shop, terms n/30.

journalize the september transactions.

Explanation:

The journal entries are shown below:

On Sep 6

Merchandise Inventory A/c $2,200 (100 calculators × $22 each)

                     To Accounts payable A/c $2,200

(Being calculator purchased on credit)

On Sep 9

Merchandise inventory A/c Dr $100

           To Cash A/c $100

(Being freight is paid for cash is recorded)

On Sep 10

Cash A/c Dr $92

      To Merchandise inventory A/c $92

(Being returned inventory is recorded)

On Sep 12

Accounts receivable A/c Dr $1,050 (30 calculators × $35 each)

          To sales A/c $1,050

(Being calculators sold at sale price)

Cost of goods sold A/c Dr $690 (30 calculators × $23 each)

       To Merchandise inventory A/c $690

(Being calculator sold at cost price)

On Sep 14

Sales return and allowance A/c Dr $35

       To Accounts receivable $35

(Being recording of sales return is recorded)

Merchandise inventory A/c Dr $23

      To Cost of goods sold A/c $23

(Being recording of sales return is recorded)

On Sep 20

Accounts receivable A/c Dr $1,224 (34 calculators × $36 each)

        To sales A/c $1,224

(Being recording of calculators sold at sale price)

Cost of goods sold A/c Dr $782 (34 calculators × $23 each)

       To Merchandise inventory A/c $782

(Being recording of calculator sold at cost price)

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top-level manager

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