On September 1, Cullumber Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory ystem. During September, the following transactions and events occurred. Sept. 4 Sept. 6 Sept. 9 Sept. 13 Sept. 14 Purchased 70 backpacks at $20 each from Hunter, terms 2/10, n/30. Received credit of $100 for the return of 5 backpacks purchased on Sept. 4 that were defective. Sold 40 backpacks for $49 each to Oliver Books, terms 2/10, n/30. Sold 15 backpacks for $49 each to Heller Office Supply, terms n/30. Paid Hunter in full, less discount. ournalize the September transactions for Cullumber Supply. (List all debit entries before credit entries. Credit account titles are utomatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
On September 1, Cullumber Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory ystem. During September, the following transactions and events occurred. Sept. 4 Sept. 6 Sept. 9 Sept. 13 Sept. 14 Purchased 70 backpacks at $20 each from Hunter, terms 2/10, n/30. Received credit of $100 for the return of 5 backpacks purchased on Sept. 4 that were defective. Sold 40 backpacks for $49 each to Oliver Books, terms 2/10, n/30. Sold 15 backpacks for $49 each to Heller Office Supply, terms n/30. Paid Hunter in full, less discount. ournalize the September transactions for Cullumber Supply. (List all debit entries before credit entries. Credit account titles are utomatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: acounting
Transcribed Image Text:On September 1, Cullumber Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory
system. During September, the following transactions and events occurred.
Sept. 4
Sept. 6
Sept. 9
Sept. 13
Sept. 14
Purchased 70 backpacks at $20 each from Hunter, terms 2/10, n/30.
Received credit of $100 for the return of 5 backpacks purchased on Sept. 4 that were defective.
Sold 40 backpacks for $49 each to Oliver Books, terms 2/10, n/30.
Sold 15 backpacks for $49 each to Heller Office Supply, terms n/30.
Paid Hunter in full, less discount.
Journalize the September transactions for Cullumber Supply. (List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
3
Date Account Titles and Explanation
(To record credit sale.)
Debit
Credit
Transcribed Image Text:Save for Later
(To record credit sale.)
(To record cost of goods sold.)
(To record credit sale.)
(To record cost of goods sold.)
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