Crane Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to...

  
 

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Crane 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 $2,580 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,100. The cost of the merchandise sold was $850. 6 Received $80 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in fulI. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,150. The cost of the merchandise sold was $950. 20 Purchased books on account for $700 from Priceless Book Publishers, terms 3/15, 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 $1,150. The cost of the merchandise sold was $760. 30 Granted General Bookstore $170 credit for books returned costing $30. Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sale of books on account) (To record cost of books sold) (To record sale of books on account) (To record cost of merchandise sold) (To record sale of books on account) (To record cost of books sold) (To record credit granted to General Bookstore for returned goods) (To record cost of books returned) Crane 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 $2,580 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,100. The cost of the merchandise sold was $850. 6 Received $80 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in fulI. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,150. The cost of the merchandise sold was $950. 20 Purchased books on account for $700 from Priceless Book Publishers, terms 3/15, 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 $1,150. The cost of the merchandise sold was $760. 30 Granted General Bookstore $170 credit for books returned costing $30. Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sale of books on account) (To record cost of books sold) (To record sale of books on account) (To record cost of merchandise sold) (To record sale of books on account) (To record cost of books sold) (To record credit granted to General Bookstore for returned goods) (To record cost of books returned)

Answer rating: 100% (QA)

Date Credit Account Titles cnd Explanation Debit Inven... View the full answer