Kerns Book Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to
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Question:
Kern’s Book 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 $ 1,600 from Binsfeld Publishers, terms 2/10, n/30. | |
3 | Sold books on account to Reading Rainbow for $ 2,500. The cost of the books sold was $ 1,440. | |
6 | Received $ 100 credit for books returned to Binsfeld Publishers. | |
9 | Paid Binsfeld Publishers in full. | |
15 | Received payment in full from Reading Rainbow. | |
17 | Sold books on account to Rapp Books for $ 1,800. The cost of the merchandise sold was $ 1,080. | |
20 | Purchased books on account for $ 1,800 from McGinn Publishers, terms 2/15, n/30. | |
24 | Received payment in full from Rapp Books. | |
26 | Paid McGinn Publishers in full. | |
28 | Sold books on account to Baeten Bookstore for $ 1,600. The cost of the merchandise sold was $ 970. | |
30 | Granted Baeten Bookstore $ 120 credit for books returned costing $ 72. |
Journalize the transactions for the month of June for Kern’s Book Warehouse using a perpetual inventory system.
Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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