On September 1, Blue Spruce Inc. had an inventory of 42 backpacks at a cost of...

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On September 1, Blue Spruce Inc. had an inventory of 42 backpacks at a cost of $30 each. The company uses a perpetual inventory system and estimates returns at 10%. During September, the following transactions occurred: Sep 4 Purchased 59 backpacks at $30 each from Back Packs Unlimited, terms n/30. 6 Received credit of $240 for the return of 8 backpacks purchased on Sept. 4 that were defective. 9 Sold 44 backpacks for $50 each to University Supply, terms n/30. 14 Paid Back Packs Unlimited in full. 18 Received payment from University Supply. Record the September transactions for Blue Spruce Inc. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date Account Titles and Explanation Debit Credit On September 1, Blue Spruce Inc. had an inventory of 42 backpacks at a cost of $30 each. The company uses a perpetual inventory system and estimates returns at 10%. During September, the following transactions occurred: Sep 4 Purchased 59 backpacks at $30 each from Back Packs Unlimited, terms n/30. 6 Received credit of $240 for the return of 8 backpacks purchased on Sept. 4 that were defective. 9 Sold 44 backpacks for $50 each to University Supply, terms n/30. 14 Paid Back Packs Unlimited in full. 18 Received payment from University Supply. Record the September transactions for Blue Spruce Inc. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date Account Titles and Explanation Debit Credit

Answer rating: 100% (QA)

Sep 4 Purchased 59 backpacks at 30 each from Back Packs Unlimited terms n30 Inventory Increase in in... View the full answer