Blossom 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 $1,065 (including freight) from Catlin Publishers, terms 2/10, n/30.3 Sold books on account to Garfunkel Bookstore for $1,500. The cost of the merchandise sold was $700.6 Received $65 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 $1,900, terms of 2/10, n/30. The cost of the merchandise sold was $750.20 Purchased books on account for $800 from Priceless Book Publishers, terms 1/15, n/30.24 Received payment in full, less discount from Bell Tower.26 Paid Priceless Book Publishers in full.28 Sold books on account to General Bookstore for $1,250. The cost of the merchandise sold was $810.30 Granted General Bookstore $270 credit for books returned costing $65.Journalize the transactions for the month of June for Blossom Warehouse, using a perpetual inventory system

Inventory: It refers to the items held by an organization which were in various forms like raw…

Answered: Blossom Warehouse distributes hardback…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 14E

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Blossom 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 $1,065 (including freight) from Catlin Publishers, terms 2/10, n/30.
3		Sold books on account to Garfunkel Bookstore for $1,500. The cost of the merchandise sold was $700.
6		Received $65 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 $1,900, terms of 2/10, n/30. The cost of the merchandise sold was $750.
20		Purchased books on account for $800 from Priceless Book Publishers, terms 1/15, n/30.
24		Received payment in full, less discount from Bell Tower.
26		Paid Priceless Book Publishers in full.
28		Sold books on account to General Bookstore for $1,250. The cost of the merchandise sold was $810.
30		Granted General Bookstore $270 credit for books returned costing $65.

Journalize the transactions for the month of June for Blossom Warehouse, using a perpetual inventory system

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