P5-1C Gagliardo Book Warehouse distributes hardcover books to retail stores and ex- tends credit terms of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
P5-1C Gagliardo Book Warehouse distributes hardcover books to retail stores and ex- tends credit terms of 2/10, n/30 to all of its customers. At the end of May, Gagliardo's inventory consisted of 240 books purchased at $1,200. During the month of June the fol- lowing merchandising transactions occurred. June 1 Purchased 180 books on account for $5 each from Garrison Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 3 Sold 120 books on account to Books-R-Us for $10 each. 6 Received $50 credit for 10 books returned to Garrison Publishers. 9 Paid Garrison Publishers in full, less discount. 15 Received payment in full from Books-R-Us. 17 Sold 150 books on account to Binder Books for $10 each. 20 Purchased 120 books on account for $5 each from Reading Publishers, FOB destination, terms 2/15, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 24 Received payment in full from Binder Books. 26 Paid Reading Publishers in full, less discount. 28 Sold 110 books on account to Read-n-Weep Bookstore for $10 each. 30 Granted Read-n-Weep Bookstore $150 credit for 15 books returned costing $75. Gagliardo Book Warehouse's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold. Instructions Journalize the transactions for the month of June for Gagliardo Book Warehouse using a perpetual inventory system. P5-1C Gagliardo Book Warehouse distributes hardcover books to retail stores and ex- tends credit terms of 2/10, n/30 to all of its customers. At the end of May, Gagliardo's inventory consisted of 240 books purchased at $1,200. During the month of June the fol- lowing merchandising transactions occurred. June 1 Purchased 180 books on account for $5 each from Garrison Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 3 Sold 120 books on account to Books-R-Us for $10 each. 6 Received $50 credit for 10 books returned to Garrison Publishers. 9 Paid Garrison Publishers in full, less discount. 15 Received payment in full from Books-R-Us. 17 Sold 150 books on account to Binder Books for $10 each. 20 Purchased 120 books on account for $5 each from Reading Publishers, FOB destination, terms 2/15, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 24 Received payment in full from Binder Books. 26 Paid Reading Publishers in full, less discount. 28 Sold 110 books on account to Read-n-Weep Bookstore for $10 each. 30 Granted Read-n-Weep Bookstore $150 credit for 15 books returned costing $75. Gagliardo Book Warehouse's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold. Instructions Journalize the transactions for the month of June for Gagliardo Book Warehouse using a perpetual inventory system.
Expert Answer:
Answer rating: 100% (QA)
Date Accounts Jun01 Merchandise Inventory Accounts Payable ... View the full answer
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Book Nook Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Book Nook's inventory consisted of books purchased...
-
Pauls Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Pauls inventory consisted of books purchased for...
-
Powell's book warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased...
-
Design a dam structure (your choice of shape and size) that will collect water and will be used for water supply, power generation, and flood control. Consider that the maximum water surface level...
-
Review exercise-calculate net income. At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $438,000. During the year, liabilities decreased by $72,000;...
-
The demand function for a cola-type soft drink in general is Q = 20 - 2P, where Q stands for quantity and P stands for price. a. Calculate point elasticities at prices of 5 and 9. Is the demand curve...
-
Provide an example of a known liability, an estimated liability, and a contingent liability.
-
Calculate the gravitational potential due to a thin rod of length l and mass M at a distance R from the center of the rod and in a direction perpendicular to the rod.
-
When I Was 18 By: Tim Maurer The summer I was 18 years old (1994), I was a punk. You know, a cocky know-it-all teen who would rather stick a hot poker in his eye than respond positively to any...
-
John Pinot is the marketing manager who is heading up the magazine promotion for the TZ Advantage tennis racquets. John already worked with a graphic artist and copy editor to produce the full-page...
-
HG Simplify. Write your answers without exponents. 52 + 16 32
-
n the computation of basic earnings per share, a company will use the Blank______. Multiple choice question. year-end common shares outstanding beginning-year common shares outstanding...
-
One of the general Medicaid income and asset guidelines states that only a portion of Blank______ income from Social Security benefits, Supplemental Security Income (SSI), and veterans' benefits and...
-
A prospect says that she is a little concerned about the cost of a product so you ask her, "Are you saying that price is the most important thing you are interested in?" This is an example of: a...
-
1. A coupon bond that pays interest of $60 annually has a par value of $1,000, matures in 6 years, and is selling today at an $84.52 discount from par value. What is the yield to maturity on this...
-
For the following system: F=1500 N, yield strength of the material is 310 MPa. Answer the following questions: a) Determine the stress components at point A and point B. Show all the internal forces...
-
Explain why the Fair Work Act must be taken into account during organisational development and change. 12.Explain the importance of abiding by antidiscrimination during an organization development...
-
Willingness to pay as a measure of a person's value for a particular good measures the maximum a person would be willing to pay requires that payment actually be made depends on the satisfaction that...
-
Using the same data presented above in BE14-3 for Dotte Company, illustrate vertical analysis.
-
Kare Kars provides shuttle service between four hotels near a medical center and an international airport. Kare Kars uses two 10-passenger vans to offer 12 round trips per day. A recent month's...
-
Rondeli Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Rondeli Company...
-
A machine of mass \(m=500 \mathrm{~kg}\) is mounted on a simply supported steel beam of length \(l=2 \mathrm{~m}\) having a rectangular cross section (depth \(=0.1 \mathrm{~m}\), width \(=1.2...
-
An electronic instrument, weighing \(1000 \mathrm{~N}\), is supported on a rubber mounting whose forcedeflection relationship is given by \(F(x)=157 x+0.2 x^{3}\), where the force \((F)\) and the...
-
The force-deflection relation of a steel helical spring used in an engine is found experimentally as \(F(x)=34.6 x+0.34 x^{2}+0.002 x^{3}\), where the force \((F)\) and deflection \((x)\) are...
Study smarter with the SolutionInn App