In: Accounting
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