This addresses journal entries for Howe Office Supply.
Not what you're looking for?
On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18 each.The company uses a perpetual inventory system. During September, the following transactions occurred.
Sept 6: Purchased 80 calculators at $20 each from DeVito Co. for cash.
Sept 9: Paid freight of $80 on calculators purchased from DeVito Co.
Sept 10: Returned 2 calculators to DeVito Co. for $42 credit (including freight) because they did not meet specifications.
Sept 12: Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store,
terms n/30.
Sept 14: Granted credit of $31 to Mega Book Store for the return of one calculator that was not ordered.
Sept 20: Sold 30 calculators costing $21 for $31 each to Barbara's Card Shop, terms n/30.
Instructions: Journalize the September transactions.
Purchase this Solution
Solution Summary
The solution provides the correct journal entries for the transactions listed for Howe Office Supply.
Solution Preview
The easiest way to show you how to do journal entries is to show you how they should be written.
These would be the journal entries for your problem, and this is the format that they would follow:
9/6 Inventory (80*20) 1600
Cash ...
Purchase this Solution
Free BrainMass Quizzes
Learning Lean
This quiz will help you understand the basic concepts of Lean.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
Operations Management
This quiz tests a student's knowledge about Operations Management