Question

In: Accounting

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

Powell 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 $2,840 (including freight) from Catlin Publishers, terms 4/10, n/30.
3 Sold books on account to Garfunkel Bookstore for $1,050. The cost of the merchandise sold was $700.
6 Received $40 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 $1,050. The cost of the merchandise sold was $750.
20 Purchased books on account for $700 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 $2,600. The cost of the merchandise sold was $750.
30 Granted General Bookstore $260 credit for books returned costing $65.


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

Solutions

Expert Solution


Related Solutions

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....
Sunland Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to...
Sunland 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 $2,250 (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 $750. 6 Received $50 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full....
Sandhill Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to...
Sandhill 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 $2,575 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,300. The cost of the merchandise sold was $900. 6 Received $75 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full....
Oriole Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to...
Oriole 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 $1,165 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $750. 6 Received $65 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full....
Problem 5-2A McCoy Warehouse distributes hardback books to retail stores and extends credit terms of 2/10,...
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...
Problem 5-02A Cullumber Warehouse distributes hardback books to retail stores and extends credit terms of 2/10,...
Problem 5-02A Cullumber 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 $2,160 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $800. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers...
Powell’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30...
Powell’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, Powell’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 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 to Reading...
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...
Pronghorn Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of...
Pronghorn Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers. Pronghorn Warehouse uses a periodic inventory system and at the end of June its inventory consisted of 33 suitcases purchased at $30 each. During the month of July, the following merchandising transactions occurred: July 1 Purchased 50 suitcases on account for $30 each from Trunk Manufacturers, terms n/30, FOB destination. 2 The correct company paid $165 freight on the July 1 purchase....
Bridgeport Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of...
Bridgeport Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers. Bridgeport Warehouse uses a periodic inventory system the earnings approach. At the end of June its inventory consisted of 41 suitcases purchased at $36 each. During the month of July, the following merchandising transactions occurred: July 1 Purchased 50 suitcases on account for $36 each from Trunk Manufacturers, terms n/30, FOB destination. 2 The correct company paid $155 freight on the July...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT