question archive On September 1, Reid Supply had an inventory of 15 backpacks at a cost of $25 each
On September 1, Reid Supply had an inventory of 15 backpacks at a cost of $25 each
Subject:FinancePrice: Bought3
On September 1, Reid Supply had an inventory of 15 backpacks at a cost of $25 each.
The company uses a perpetual inventory system.
During September, the following transactions and events occurred.
04-Sep Purchased 70 backpacks at $25 each from Hunter, terms 2/10, n/30.
06-Sep Received credit of $150 for the return of 6 backpacks purchased on Sept 4 that were defective
09-Sep Sold 40 backpacks for $35 each to Oliver Books, terms 2/10, n/30.
13-Sep Sold 15 backpacks for $35 each to Heller Office Supply, terms n/30
14-Sep Paid Hunter in full, less discount
Instructions: Journalize the September transactions for Reid Supply.
