- Sunland S Book Warehouse Distributes Hardback Books To Retail Stores And Extends Credit Terms Of 1 10 N 30 To All Of It 1 (142.67 KiB) Viewed 40 times
Book Warehouse using a perpetual inventory system.
Sunland'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 $2,500. The cost of the books sold was $1,500. 6 Received $200 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 $2,100. The cost of the merchandise sold was $1,260. 20 Purchased books on account for $2,100 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 $1,200. The cost of the merchandise sold was $970. 30 Granted Baeten Bookstore $120 credit for books returned costing $72. Journalize the transactions for the month of June for Sunland'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.)