Flint Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Flint’s inventory consists of 240 books purchased at $19 each. Return rates in the book industry are high, with Flint experiencing a 15% return rate historically.

During the month of June, the following merchandise transactions occurred:

June	1		Purchased 160 books on account for $17 each from Reader’s World Publishers, terms n/45.
	3		Sold 250 books on account to The Book Nook for $25 each, with an average cost of $18, terms n/45.
	5		Received a $170 credit for 10 books returned to Reader’s World Publishers.
	8		Sold 75 books on account to Read-A-Lot Bookstore for $25 each, with an average cost of $18, terms n/45.
	9		Issued a $325 credit memorandum to Read-A-Lot Bookstore for the return of 13 damaged books. The books were determined to be no longer saleable and were destroyed.
	11		Purchased 130 books on account for $16 each from Read More Publishers, terms n/45.
	12		Received payment in full from The Book Nook.
	17		Received payment in full from Read-A-Lot Bookstore.
	22		Sold 125 books on account to Reader’s Bookstore for $25 each, with an average cost of $18, terms n/45.
	25		Granted Reader’s Bookstore a $400 credit for 16 returned books. These books were restored to inventory.
	29		Paid Reader’s World Publishers in full.

Transcribed Image Text:

Date Account Titles and Explanation Debit Credit June 1 June 3 June 5 June 8 June 9 June 11 > > Date Account Titles and Explanation Debit Credit June 1 June 3 June 5 June 8 June 9 June 11 > >

Answer rating: 100% (QA)

Solution Date Account Titles Explanation Debit Credit Inventory16017 Accounts Payable To record Purc... View the full answer