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On September 1, the beginning of its fiscal year, Campus Office Supply Ltd. had an inventory of 100 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred:
Sept 2 Purchased 750 calculators for $20 each from Digital Corp. on account, terms n/30.Sept 10 Returned 18 calculators to Digital for $360 credit because they did not meet specifications.Sept 11 Sold 310 calculators for $30 each to Campus Book Store, terms n/30. Management estimates returns of 4% based on prior experience.Sept 14 Granted credit of $540 to Campus Book Store for the return of 18 calculators that were not ordered. The calculators were restored to inventory. Sept29 Paid Digital the amount owing. Sept 30 Received payment in full from the Campus Book Store.
Problem 1: Record the September transactions.
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