Crane’s Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its

[answerhappygod]

Crane S Book Warehouse Distributes Hardback Books To Retail Stores And Extends Credit Terms Of 1 10 N 30 To All Of Its 1 (418.2 KiB) Viewed 124 times

Crane’s Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,700 from Binsfeld Publishers, terms 2/10, n/30. 3 Sold books on account to Reading Rainbow for $2,400. The cost of the books sold was $1,400. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,000. The cost of the merchandise sold was $1,200. 20 Purchased books on account for $2,000 from McGinn Publishers, terms 1/15, n/30. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full. 28 Sold books on account to Baeten Bookstore for $1,300. The cost of the merchandise sold was $970. 30 Granted Baeten Bookstore $110 credit for books returned costing $66. Journalize the transactions for the month of June for Crane's Book Warehouse using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Date Account Titles and Explanation Debit Credit June 1 Inventory 1700 Accounts Payable 1700 June 1 Inventory 60 Cash 60 (To record credit sale) June 3 Accounts Receivable 2400 Sales Revenue 2400 (To record cost of merchandise sold) June 3 Cost of Goods Sold 1400 Inventory 1400 June 6 Accounts Payable 100 Inventory 100 June 9 June 15 (To record credit sale) June 17 (To record cost of merchandise sold)
June 17 June 20 June 20 June 20 (To record credit sale) June 28 (To record cost of merchandise sold) June 30 (To record merchandise returned) June 30 (To record cost of merchandise returned)