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 cullumber co. at a total cost of $1,750, terms n/30. 9 paid freight of $50 on calculators purchased from cullumber co. 10 returned calculators to cullumber co. for $55 credit because they did not meet specifications. 12 sold calculators costing $600 for $760 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 $32. 20 sold calculators costing $500 for $740 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.)

Journal Entries:

Inventory   1,750 debit

         A/P                1,750 credit

--purchase of inventory--

the freight cost are required to obtain the inventory so we capitalize it:

Inventory       50 debit

       Cash                 50 credit

--freight-in on inventory--

the return of goods decreases our debt and inventory:

A/P                55 debit

       Inventory           55 credit

--return of malfunction goods to suppliers--

A/R               760 debit

    Sales Revenue 760 credit

COGS          600 debit

  Inventory            600 credit

--record of the sale to Fryer Book--

the return on sales decreases the customer accounts and, as the calculator is in good condition it can return to inventory and we decrease the COGS

Sales return  45 debit

   A/R                     45 credit

Inventory       32 debit

    COGS                32 credit

--returns from Fryer Book--

A/R               740 debit

    Sales Revenue 740 credit

COGS          500 debit

  Inventory            500 credit

--sale to Heasley Card Shop--

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