Question

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.
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 $900.
20		Purchased books on account for $900 from Priceless Book Publishers, terms 2/15, n/30.
24		Received payment in full from Bell Tower.
26		Paid Priceless Book Publishers in full.
28		Sold books on account to General Bookstore for $2,100. The cost of the merchandise sold was $950.
30		Granted General Bookstore $120 credit for books returned costing $90.

Journalize the transactions for the month of June for Blossom Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer 1

Answer
Date	Account titles and explanation	Debit	Credit
Jun-01	Purchases	$     2,355
	Accounts payable		$     2,355
Jun-03	Accounts receivable	$     1,200
	sales		$     1,200
6th	Accounts payable	$          55
	purchases returns		$          55
9th	Accounts payable ( 2355-55)	$     2,300
	Discount received ( 2300 * 4% )		$          92
	Cash account		$     2,208
15th	Cash account	$     1,200
	account receivable		$     1,200
17th	Accounts receivable	$     1,400
	sales account		$     1,400
20th	Purchases	$        900
	accounts payable		$        900
24th	Cash account	$     1,344
	Discount allowed (1400*4% )	$          56
	Accounts receivable		$     1,400
26th	Accounts payable	$        900
	Cash account		$        882
	Discount received ( 800*2% )		$          18
28th	Accounts receivable	$     2,100
	sales account		$     2,100
30th	Sales return	$        120
	Accounts receivable		$        120
June 3rd	COGS	$        700
	Purchases/Inventory		$        700
June 17th	COGS	$        900
	Purchases		$        900
28th	COGS	$        950
	Purchases		$        950
30th	Purchases	$          90
	COGS		$          90