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The company uses a perpetual inventory system
Assignment Help Accounting Basics
Reference no: EM131143872
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.
Reference no: EM131143872
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