Question: Current Attempt in Progress Concord's Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During
Current Attempt in Progress Concord's 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 $1,010 (including freight) from Catlin Publishers, terms 2/10,n/30. 3 Sold books on account to Garfunkle Bookstore for $1,150. The cost of the books sold was $710. 6 Received $10 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $670. 20 Purchased books on account for $770 from Priceless Book Publishers, terms 1/15,n/30. 24 Recelved payment in full from Bell Tower. 26 Paid Priceless Book Publishers infull. 28 Sold books on account to General Bookstore for $1,290. The cost of the merchandise sold was $730. 30 Granted General Bookstore $120 credit for books returned costing $80. Current Attempt in Progress Concord's 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 $1,010 (including freight) from Catlin Publishers, terms 2/10,n/30. 3 Sold books on account to Garfunkle Bookstore for $1,150. The cost of the books sold was $710. 6 Received $10 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $670. 20 Purchased books on account for $770 from Priceless Book Publishers, terms 1/15,n/30. 24 Recelved payment in full from Bell Tower. 26 Paid Priceless Book Publishers infull. 28 Sold books on account to General Bookstore for $1,290. The cost of the merchandise sold was $730. 30 Granted General Bookstore $120 credit for books returned costing $80
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