On september 1 howe office supply had an inventory of 30
Course:- Accounting Basics
Reference No.:- EM13601436

Assignment Help
Assignment Help >> Accounting Basics

On September 1, Howe Office Supply had an inventory of 30 pocket 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 De Vito Co. for cash.
9 Paid freight of $80 on calculators purchased from De Vito Co.
10 Returned 2 calculators to De Vito Co. for a $42 credit (including freight) because they did not meet specifications.
12 Sold 26 calculators costing $21 (including freight) for $31 each to Mega Book Store, terms n/30.
14 Granted credit of $31 Mega Book Store for the return of one calculator that was not ordered.
20 Sold 30 calculators costing $21 for $31 each to Barbara's Card Shop, terms n/30.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
Using your own experience or some internet research, write an equation that represents a cab company's rate taking into account the initial flat boarding rate and the per mi
The City of Toth produces monthly budgetary control reports. The amount shown in the budget column is 1/ 12 of the annual budget. Over lunch, two department heads were discu
Peyton Company payroll for the year is $737,910 of this amount, $472,120 is for wages paid in execess of $7,000 to each individual employee. The SUTA rate in Peyton company'
Andrea's Hobbies produces and sells a luxury animal pillow for $40.00 per unit. In the first month of operation, 3,000 units were produced and 2,250 units were sold. Actual
Discuss the four qualitative characteristics identified by the IASB. Contrast and compare these qualitative characteristics with the qualitative characteristics identified b
The objective of FRS 5 - Reporting the substance of transactions, is to ensure that a reporting entity's financial statements report the substance of the transactions into w
The regular rate of depreciation is 10% per year.  Acquisitions and retirements during a year are depreciated at half this rate. There were no purchases during the year. On
Determine the EOQ before and after the change in the cash discount policy. Translate this into average inventory (in units and dollars) before and after the change in the ca