Sheffield Warehouse distributes hardback books to retail stores and extends credit to all of its customers....

Sheffield 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 $2,845 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $1,400. The cost of the merchandise sold was $800. 6 Received $45 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 $1,400. The cost of the merchandise sold was $850. 20 Purchased books on account for $800 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 $1,700. The cost of the merchandise sold was $770. 30 Granted General Bookstore $210 credit for books returned costing $30. Need to know what each one is for either positive or negative for cash, accts Rec, Inv, accts pay, common stock, rev, exp.

Need to know if positive or negative for either cash, accts rec, inv, accts pay, common stock, rev, exp.

Expert Solution

ekkarill92 answered 4 months ago

Blossom Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to...

Blossom Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,355 (including freight) from Catlin Publishers, terms 4/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $700. 6 Received $55 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full....

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Problem 5-2A McCoy 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 $1,040 (including freight) from Carlin Publishers, terms 2/10, n/30. 3 Sold books on account to the Goldschmidt bookstore for $1,200. The cost of the merchandise sold was $720. 6 Received $40 credit for books returned to Carlin Publishers. 9 Paid Carlin...

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Blue Spruce’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, Blue Spruce’s inventory consisted of books purchased for $1,600. During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,400 from Kline 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...

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