Practice Problem Set 1 Ayayai Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,030 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $700. 6 Received $30 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,000. The cost of the merchandise sold was $700. 20 Purchased books on account for $700 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,000. The cost of the merchandise sold was $700. 30 Granted General Bookstore $100 credit for books returned costing $30. Prepare a tabular summary to record the transactions for the month of June for Ayayai Warehouse using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets = Liabilities + Stockholders' Equity Retained Earnings Rev. - Exp. Cash + Accts. Rec. + Inv. = Accts. Pay. + Common Stock + June 1 Sales revenue Cost of goods sold Sales revenue Cost of goods sold Sales revenue Cost of goods sold Sales revenue Cost of goods sold Sales retums & allowances Cost of goods sold Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER Brief Exercise 6-9 Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. (a) Advanced $10,000 to an employee. (b) Received a promissory note of $34,000 for services performed (c) Sold merchandise on account for $60,000 to a customer. Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 5 used