80.2K

Verified Solution

Link Copied!

Question 1 of 10 (To record sales revenue on account) (To record cost of goods sold) (To record sales return) (To record cost of sales return) Journalize the September transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Question 1 of 10 120 (To record sales revenue on account) (To record cost of goods sold) On September 1, Novak Office Supply had an inventory of 34 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased 74 calculators at $22 each from Danny Co. for cash. 9 Paid freight of $74 on calculators purchased from Danny Co. 10 Returned 5 calcula prs to Danny Co. for $115 credit (including freight) because they did not meet specifications. 12. Sold 37 calculators ( 34 costing $20, and 3 costing $23 including freight) for $37 each to Great Big Book Store, terms n/34. 14 Granted credit of $37 to Great Big Book Store for the return of one calculator that was not ordered (Cost \$23). 20 Sold 44 calculators costing $23 for $37 each to Bush's Card Shop, terms n/34

Answer & Explanation Solved by verified expert

See Answer