Dazzle Book Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to

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Dazzle Book 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 130 books on account for $5 each from Reader’s World Publishers, terms 1/10, n/30. Also made a cash payment of $50 for the freight on this date.
3 Sold 140 books on account to-the Book Nook for $10 each.
6 Received $50 credit for 10 books returned to Reader’s World Publishers.
9 Paid Reader's World Publishers in full.
15 Received payment in full from the Book Nook.
17. Sold 120 books on account to Read-A-Lot Bookstore for $10 each.
20 Purchased 120 books on account for $5 each from Read More Publishers, terms 2/15, n/30.
24 Received payment in full from Read-A-Lot Bookstore.
26 Paid Read More Publishers in full.
28 Sold 110 books on account to Readers Bookstore for $10 each.
30 Granted Readers Bookstore $150 credit for 15 books returned costing $75.
Instructions Journalize the transactions for the month of June for Dazzle Book Warehouse, using a perpetual inventory system. Assume the cost of each book sold was $5.

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Financial Accounting Tools For Business Decision Making

ISBN: 9780471347743

2nd Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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