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
ABC reported earnings before interest and taxes $600,000 for 2010 and was subject to a 40% tax rate. ABC paid dividends to all common and preferred stock shareholders during
Create an argument in agreement or disagreement that the creation of the PCAOB has been effective with improving the reliability of audited financial statement for the publi
Name the steps in completing the accounting cycle and explain how they impact the financial statements. What happens is a step is missed? Explain.
Please help me explain the following concepts: A conclusion stating how you think sound financial reporting depends on principles, assumptions, and constraints. Refer to the
How should you handle this situation? What are the ethical implications of Mike's request? Who are the parties who would be helped or harmed if you went along with the request
The land contributed by Ashley was encumbered by a $40,000 nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, the basis of Ashley's p
If the average return on equity during the period was 13.5 percent, and Conrail had a beta of 1.25, what conclusions would you draw about their dividend policy? (The average
To raise operating funds, National Distribution Center sold its office building to an insurance company on January 1, 2011, for $800,000 and immediately leased the building ba