On September 1, Eden County Club had an inventory of 40 golf shirts at a cost of
Question:
On September 1, Eden County Club had an inventory of 40 golf shirts at a cost of $17 each. The company uses a perpetual inventory system.
During September, the following transactions occurred.
Sept. 6 Purchased 80 golf shirts at $16 each from Mozart Co. for cash.
9 Paid freight of $90 on golf shirts purchased from Mozart Co.
11 Returned 2 golf shirts to Mozart Co. for $36 credit (including freight) because they did not meet specifications.
13 Sold 25 golf shirts costing $16 (including freight) for $31 each to the Annual Golf Tournament, terms n/30.
14 Granted credit of $31 to the Annual Golf Tournament for the return of one shirt that was not ordered.
20Sold 30 golf shirts costing $18 for $31 each to Mr. Sox, terms n/30.
Instructions
Journalize the September transactions
Hospitality Financial Accounting
ISBN: 978-0470083604
2nd Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.