Reference no: EM132484535
Question - On September 1, Reid 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 Purchased 70 backpacks at $20 each from Hunter, terms 2/10, n/30.
Sept. 6 Received credit of $100 for the return of 5 backpacks purchased on Sept. 4 that were defective.
Sept. 9 Sold 40 backpacks for $35 each to Oliver Books, terms 2/10, n/30.
Sept. 13 Sold 15 backpacks for $35 each to Heller Office Supply, terms n/30.
Sept. 14 Paid Hunter in full, less discount.
Required - How would you enter the Journal for the September transactions for Reid Supply?
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