Question

McCoy Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.
June 1 Purchased books on account for $1,040 (including freight) from Carlin Publishers, terms 2/10, n/30.
3 Sold books on account to the Goldschmidt bookstore for $1,200. The cost of the merchandise sold was $720.
6 Received $40 credit for books returned to Carlin Publishers.
9 Paid Carlin Publishers in full.
15 Received payment in full from the Goldschmidt bookstore.
17 Sold books on account to Town Crier for $1,200. The cost of the merchandise sold was $730.
20 Purchased books on account for $720 from Good Book Publishers, terms 1/15, n/30.
24 Received payment in full from Town Crier.
26 Paid Good Book Publishers in full.
28 Sold books on account to Emporia Bookstore for $1,300. The cost of the merchandise sold was $780.
30 Granted Emporia Bookstore $130 credit for books returned costing $80.

Instructions
Journalize the transactions for the month of June for McCoy Warehouse, using a perpetual inventory system.



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  • CreatedApril 07, 2014
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