On September 1, Boylan Office Supply had an inventory of 35 calculators at a cost...
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On September 1, Boylan Office Supply had an inventory of 35 calculators at a cost of $13 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased with cash 89 calculators at $27 each from Guthrie Co. Sept. 9 Paid freight of $89 on calculators purchased from Guthrie Co. Sept. 10 Returned 2 calculators to Guthrie Co. for $56 cash (including freight) because they did not meet specifications. Sept. 12 Sold 31 calculators costing $28 (including freight) for $41 each to Lee Book Store, terms n/30. Sept. 14 Granted credit of $41 to Lee Book Store for the return of one calculator that was not ordered. Sept. 20 Sold 31 calculators costing $28 for $45 each to Orrs Card Shop, terms n/30. Journalize the September transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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