On September 1, Duffs Beer Distributor had an inventory of 60cases of beer at a cost of $21 each. The company uses a perpetualinventory system. During September, the following transactionsoccurred. Sept 6 Purchased 75 cases at $20 each from Iron CityBrewers, terms 2/10, n/30. Sept 9 Paid freight of $75 on the casespurchased from Iron City Brewers. Sept 10 Returned 2 cases to IronCity Brewers for $40 credit because they did not meetspecifications. They had a “skunky” smell. Sept 11 Paid Iron CityBrewers what was owed from the Sept 6th purchase. Sept 12 Sold 41cases costing $21 each for $34 each to the Drunken Clam, terms2/10,n/30. Sept 14 Granted credit of $34 to the Drunken Clam forthe return of one case that was not ordered. Sept 21 Receivedpayment in full from the Drunken Clam. Prepare journal entries INGOOD FORM for the September transactions. Include Sales and cost ofgoods sold entries if applicable.
