chunkymonkey090
30.03.2020 •
Business
Powell Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.
June 1 Purchased books on account for $3,065 (including freight) from Catlin Publishers, terms 4/10, n/30.
3 Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $850.
6 Received $65 credit for books returned to Catlin Publishers.
9 Paid Catlin Publishers in full.
15 Received payment in full from Garfunkel Bookstore.
17 Sold books on account to Bell Tower for $1,050. The cost of the merchandise sold was $750.
20 Purchased books on account for $700 from Priceless Book Publishers, terms 2/15, n/30.
24 Received payment in full from Bell Tower.
26 Paid Priceless Book Publishers in full.
28 Sold books on account to General Bookstore for $2,600. The cost of the merchandise sold was $750.
30 Granted General Bookstore $260 credit for books returned costing $65.
Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system
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Ответ:
Explanation:
The journal entries for all the credit and cash transactions are recorded. The dates of the transactions are mentioned in the journal entries. Each respective account is debited and credited accordingly.
In the books of Powell Warehouse the following journal entries are recorded.
Ответ: