Sheffield Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Sheffield's...

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Sheffield Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Sheffield's inventory consists of 230 books purchased at $17 each. Sheffield uses a perpetual inventory system. Return rates in the book industry are high, with Sheffield experiencing a 15% return rate historically. During the month of June, the following merchandise transactions occurred: June 1 3 5 8 9 11 12 17 22 25 29 Purchased 160 books on account for $15 each from Reader's World Publishers, terms n/45. Sold 220 books on account to The Book Nook for $25 each, with an assumed average cost of $16, terms n/45. Received a $150 credit for 10 books returned to Reader's World Publishers. Sold 81 books on account to Read-A-Lot Bookstore for $25 each, with an assumed average cost of $16, terms n/45. Issued a $300 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed. Purchased 130 books on account for $16 each from Read More Publishers, terms n/45. Received payment in full from The Book Nook. Received payment in full from Read-A-Lot Bookstore. Sold 125 books on account to Reader's Bookstore for $23 each, with an assumed average cost of $16, terms n/45. Granted Reader's Bookstore a $322 credit for 14 returned books. These books were restored to inventory. Paid Reader's World Publishers in full. Record the June transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round your answers to O decimal places, e.g. 5,275.) Date June 1 June 3 June 5 June 8 June 9 V Account Titles and Explanation Inventory Accounts Payable (To record sales) (To record cost of goods sold) (To record sales) Debit 2400 Credit 2400 June 11 June 12 June 17 June 22 June 29 (16 record sales) (To record cost of goods sold) (To record sales) Sheffield Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Sheffield's inventory consists of 230 books purchased at $17 each. Sheffield uses a perpetual inventory system. Return rates in the book industry are high, with Sheffield experiencing a 15% return rate historically. During the month of June, the following merchandise transactions occurred: June 1 3 5 8 9 11 12 17 22 25 29 Purchased 160 books on account for $15 each from Reader's World Publishers, terms n/45. Sold 220 books on account to The Book Nook for $25 each, with an assumed average cost of $16, terms n/45. Received a $150 credit for 10 books returned to Reader's World Publishers. Sold 81 books on account to Read-A-Lot Bookstore for $25 each, with an assumed average cost of $16, terms n/45. Issued a $300 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed. Purchased 130 books on account for $16 each from Read More Publishers, terms n/45. Received payment in full from The Book Nook. Received payment in full from Read-A-Lot Bookstore. Sold 125 books on account to Reader's Bookstore for $23 each, with an assumed average cost of $16, terms n/45. Granted Reader's Bookstore a $322 credit for 14 returned books. These books were restored to inventory. Paid Reader's World Publishers in full. Record the June transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round your answers to O decimal places, e.g. 5,275.) Date June 1 June 3 June 5 June 8 June 9 V Account Titles and Explanation Inventory Accounts Payable (To record sales) (To record cost of goods sold) (To record sales) Debit 2400 Credit 2400 June 11 June 12 June 17 June 22 June 29 (16 record sales) (To record cost of goods sold) (To record sales)

Answer rating: 100% (QA)

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