Question

Exercise 5-2

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 Dragoo Co. at a total cost of $1,640, terms n/30.
9		Paid freight of $50 on calculators purchased from Dragoo Co.
10		Returned calculators to Dragoo Co. for $57 credit because they did not meet specifications.
12		Sold calculators costing $490 for $680 to Fryer Book Store, terms n/30.
14		Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $35.
20		Sold calculators costing $680 for $870 to Heasley Card Shop, terms n/30.

Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer 1