Riverbed's 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 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,040 from Catlin Publishers, terms 2/10,n/30. Sold books on account to Garfunkle Bookstore for $1,100. The cost of the books sold was $730. Received $40 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $800. Purchased books on account for $700 from Priceless Book Publishers, terms 1/15, n/30. Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1,420. The cost of the merchandise sold was $710. Granted General Bookstore $140 credit for books returned costing $80.

Riverbed's 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 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,040 from Catlin Publishers, terms 2/10,n/30. Sold books on account to Garfunkle Bookstore for $1,100. The cost of the books sold was $730. Received $40 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $800. Purchased books on account for $700 from Priceless Book Publishers, terms 1/15, n/30. Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1,420. The cost of the merchandise sold was $710. Granted General Bookstore $140 credit for books returned costing $80.

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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Cullumber's Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,300 from Binsfeld Publishers, terms 2/10, n/30. 3 Sold books on account to Reading Rainbow for $2,800. The cost of the books sold was $1,800. 6 Received $200 credit for books returned to Binsfeld Publishers. 9. Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,500. The cost of the merchandise sold was $1,500. Purchased books on account for $2,500 from McGinn Publishers, terms 1/15, n/30. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full. 28 Sold books on account to Baeten Bookstore for $1,200. The cost of the merchandise sold was $970. 30 Granted Baeten Bookstore $170 credit for books returned costing $102. Journalize the…
Crane’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of May, Crane’s inventory consisted of books purchased for $1,500. During June, the following merchandising transactions occurred. June 1Purchased books on account for $1,400 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 3Sold books on account to Reading Rainbow for $2,400. The cost of the books sold was $1,600. 6Received $150 credit for books returned to Binsfeld Publishers. 9Paid Binsfeld Publishers in full, less discount. 15Received payment in full from Reading Rainbow. 17Sold books on account to Rapp Books for $1,700. The cost of the books sold was $1,020. 20Purchased books on account for $1,700 from McGinn Publishers, FOB destination, terms 1/15, n/30. The appropriate party also made a cash payment of $60 for the freight on this date.…
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…
Kern’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, Kern’s inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred.June 1 Purchased books on account for $1,600 from Binsfeld 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 books on account to Reading Rainbow for $2,500. The cost of the books sold was $1,440. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $1,800. The cost of the books sold was $1,080. 20 Purchased books on account for $1,800 from McGinn Publishers, FOB destination, terms 2/15, n/30. The appropriate party also made a cash payment of $60 for the freight on this date. 24…
Crane’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of May, Crane’s inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,700 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $60 for the freight on this date. 3 Sold books on account to Reading Rainbow for $2,400. The cost of the books sold was $1,400. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,000. The cost of the books sold was $1,200. 20 Purchased books on account for $2,000 from McGinn Publishers, FOB destination, terms 1/15, n/30. The appropriate party also made a cash payment of $60…
Blossom’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, Blossom’s inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred. June 3 Sold books on account to Reading Rainbow for $2,600. The cost of the books sold was $1,700. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $1,700. The cost of the books sold was $1,020. 24 Received payment in full from Rapp Books. 28 Sold books on account to Baeten Bookstore for $1,100. The cost of the books sold was $970. 30 Granted Baeten Bookstore $110 credit for books returned costing $66. Journalize the transactions for the month of June for Blossom’s Book Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the…