The Modern Bookstore distributes hardback books to retail stores and extends credit terms of 2/7, n/...
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The Modern Bookstore distributes hardback books to retail stores and extends credit terms of 2/7, n/ 30 to all of its customers. During t month of June the following inventory transactions occurred. June 2 points Purchased 130 books for $6 each from Book World Publishers, term 1/7, n/30. Also made a cash payment to Fast Couriers of $60 for the freight on this date. Sold 140 books on account to the Book Nook for $12 each 10 Books returned to the Book World Publishers Received $60 credit. 3 6 9 Paid Book World Publishers the amount owing. 28 Sold 110 books on account to Redears Bookstore for $12 each. 30 Granted Redears Bookstore $180 credit for 15 books returned costing $90. The books were returned to inventory Note: Add GST to each Transaction Required Journalise the transactions (with narrations) for the month of June for the Modern Bookstore using a perpetual inventory system. Assume the cost of each book sold was $6. The Modern Bookstore distributes hardback books to retail stores and extends credit terms of 2/7, n/ 30 to all of its customers. During t month of June the following inventory transactions occurred. June 2 points Purchased 130 books for $6 each from Book World Publishers, term 1/7, n/30. Also made a cash payment to Fast Couriers of $60 for the freight on this date. Sold 140 books on account to the Book Nook for $12 each 10 Books returned to the Book World Publishers Received $60 credit. 3 6 9 Paid Book World Publishers the amount owing. 28 Sold 110 books on account to Redears Bookstore for $12 each. 30 Granted Redears Bookstore $180 credit for 15 books returned costing $90. The books were returned to inventory Note: Add GST to each Transaction Required Journalise the transactions (with narrations) for the month of June for the Modern Bookstore using a perpetual inventory system. Assume the cost of each book sold was $6.
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Journal Entries 1 June 2 Purchased 130 books for 6 each from Book World Publishers Terms 17 130 Frei... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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