E5-2: Journalize Transactions

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Purchase calculators from Abacus Co. at a total cost of $1,650, terms n/30 Inventory $1,650
Accounts Payable $1,650
Paid freight of $50 on calculators purchased from Abacus Co. Inventory $50
Cash $50

Returned calculators to Abacus Co. for $66 credit because they did not meet specifications.
Accounts Payable $66
Inventory $66
Sold calculators costing $520 for $690 to Union Book Store, terms n/30. Accounts Recievable $690
Sales Revenue $690
(to record credit sales)
Cost of goods sold $520
Inventory $520
Granted credit for $45 to Union Book Store for the return of one calculator that was not ordered. The calculator cost $34. Sales Returns & Allowance $45
Accounts Recievable $45
(to record credit granted for returned goods)
Inventory $34
Cost of goods sold $34
Sold calculators costing $570 for $760 to Commons Card Shop, terms n/30. Inventory $760
Cost of goods sold $760
(to record sales)
Accounts Recievable $570
Sales Revenue $570
(to record cost of goods sold)