Answer:
Sept. 6 Purchased calculators from Green Box Co. at a total cost of $1,620, terms n/30.
Dr Inventory 1,620
Cr Accounts receivable 1,620
9 Paid freight of $50 on calculators purchased from Green Box Co.
Dr Inventory 50
Cr Cash 50
10 Returned calculators to Green Box Co. for $38 credit because they did not meet specifications.
Dr Accounts payable 38
Cr Inventory 38
12 Sold calculators costing $520 for $690 to University Book Store, terms n/30.
Dr Accounts receivable 690
Cr Sales revenue 690
Dr Cost of goods sold 520
Cr Inventory 520
14 Granted credit of $45 to University Book Store for the return of one calculator that was not ordered. The calculator cost $34.
Dr Sales revenue 45
Cr Accounts receivable 45
Dr Inventory 34
Cr Cost of goods sold 34
20 Sold calculators costing $570 for $760 to Campus Card Shop, terms n/30.
Dr Accounts receivable 760
Cr Sales revenue 760
Dr Cost of goods sold 570
Cr Inventory 570
