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Exercise 5-2
E5-2 Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred.
Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,650, terms
n/30.
9 Paid freight of $50 on calculators purchased from Dragoo Co.
10 Returned calculators to Dragoo Co. for $66 credit because they did not
meet specifications.
12 Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30.
14 Granted credit of $45 to Fryer Book Store for the return of one calculator
that was not ordered. The calculator cost $34.
20 Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30.
(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
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