Please add this question to your Assessment Test 3 – due on Tuesday
On September 1, Stanton Supply had an inventory of 15 back packs at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred.
Sept. 3 Purchased 40 back packs at $20 each from Janzen. Received a 10% volume discount.
Sept. 6 Received credit of $72 for the return of 4 back packs purchased on Sept. 3 that were defective.
Sept. 7 Paid for the September 3 purchase.
Sept. 9 Sold 20 back packs for $30 each to McGill Books.
Sept. 13 Sold 15 back packs for $30 each to Calvin Office Supply.
Sept. 21 Purchased 25 back packs at $18 each from Coleman Company.
Sept. 30 A physical inventory count indicated an ending inventory balance of $300.
Journalize the September transactions for Stanton Supply, using a perpetual inventory system.