Question

Arizona Genuine distributes paperback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of July, the following merchandising transactions occurred.

July 1		Purchased books on account for $1,165 (including freight) from Lintac Publishers, terms 2/10, n/30.
3		Sold books on account to Funky Bookstore for $1,200. The cost of the merchandise sold was $750.
6		Received $65 credit for books returned to Lintac Publishers.
9		Paid Lintac Publishers in full.
15		Received payment in full from Funky Bookstore.
17		Sold books on account to Drake Tower for $2,000. The cost of the merchandise sold was $900.
20		Purchased books on account for $900 from Pricefull Book Publishers, terms 2/15, n/30.
24		Received payment in full from Drake Tower.
26		Paid Pricefull Book Publishers in full.
28		Sold books on account to Gen Bookstore for $1,300. The cost of the merchandise sold was $910.
30		Granted Gen Bookstore $270 credit for books returned costing $85.

Journalize the transactions for the month of July for Arizona Genuine, using a perpetual inventory system.

Here is what I have so far. Everything is correct besides the areas indicated by a "??." Please fill out the "??" areas and explain how/where you got the information from. Thank you!

July 1	Inventory	1165
	Accounts Payable		1165
July 3	Accounts Receivable	1200
	Sales Revenue		1200
July 3	Cost of Goods Sold	750
	Inventory		750
July 6	Sales Revenue (??)	65
	Inventory		65
July 9	Accounts Payable	??
	Cash		??
	Inventory		??
July 15	Cash	1200
	Accounts Receivable		1200
July 17 (??)	Accounts Receivable	2000
			2000
July 17 (??)	Cost of Goods Sold	900
	Inventory		900
July 20 (??)	Inventory	??
	Accounts Payable		??
July 24 (??)	Cash	??
	Sales Discounts	??
	Accounts Receivable		??
July 26	Accounts Payable	??
	Cash		??
	Inventory		??
July 28	Accounts Receivable	1300
	Cost of Goods Sold (??)		1300
July 28	Cost of Goods Sold	910
	Inventory		910
July 30	Sales Returns and Allowances	270
	Accounts Receivable		270
July 30	Inventory	85
	Costs of Goods Sold		85

Answer 1

Answer:

		(Amount in $)
Date	Particulars	Debit	Credit
Jun-01	Inventory	1165
	To accounts payable		1165
	(Being purchased books on account)
Jun-03	Accounts receivable	1200
	To sales revenue		1200
	(Being credit sales recorded)
	Cost of goods sold	750
	To Inventory		750
	(Being cost of merchandise sold recorded)
Jun-06	Accounts payable	65
	To Inventory		65
	(Being received 45 credit as books returned)
Jun-09	Accounts payable	1100
	To Inventory (1165-65)*2%		22
	To cash (1165-65)*98%		1078
	(Being payment fully paid at discount)
Jun-15	Cash	1200
	To accounts receivable		1200
	(Being received payment)
Jun-17	Accounts receivable	2000
	To sales revenue		2000
	(Being credit sales recorded)
	Cost of goods sold	900
	To Inventory		900
	(Being cost of merchandise sold recorded)
Jun-20	Inventory	900
	To accounts payable		900
	(Being purchases made on account)
Jun-24	Cash	1960
	Sales Discounts (2000*2%)	40
	To accounts receivable		2000
	(Being payment received fully at discount)
Jun-26	Accounts payable	910
	To Inventory (910*2%)		18.2
	TO cash (910*98%)		891.8
	(Being payment paid less discount)
Jun-28	Accounts receivable	1300
	To sales revenue		1300
	(Being credit sales recorded)
	Cost of goods sold	910
	To Inventory		910
	(Being cost of merchandise sold recorded)
Jun-30	Sales returns and allowances	270
	To accounts receivable		270
	(Being sales returns recorded)
	Inventory	85
	To cost of goods sold		85
	(Being cost of merchandise returned recorded)