Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9 Concord's Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, 1/30 to all of its customers. During the month of

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
9 Concord's Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, 1/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1.010 (including freight) from Catlin Publishers, terms 2/10, 1/30. 3 Sold books on account to Garfunkle Bookstore for $1,150. The cost of the books sold was $710. 6 Received $10 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $670. Purchased books on account for $770 from Priceless Book Publishers, terms 1/15,n/30. Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1.290. The cost of the merchandise sold was $730. 30 Granted General Bookstore $120 credit for books returned costing $80. 20 24 26 28 Journalize the transactions for the month of June for Concord Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 125.53.) Date Account Titles and Explanation Debit Credit Date Account Titles and Explanation Debit Credit June 1 June 1 June 3 sale) June 6 June 9 June 15 f merchandise sold) June 17 June 20 June 24 June 26 June 28 June 30 June 20 Date Account Titles and Explanation Debit Credit June 1 2 June 3 (To record credit sale) 3 June 6 4 (To record cost of merchandise sold) June 9 5 June 15 June 17 7 June 20 20 - June 20 (To record credit sale) 9 June 24 (To record cost of merchandise sold) q ro June 24 0 June 26 12. June 28 June 26 June 28 (To record credit sale) 13. June 26 (To record cost of merchandise sold) 10 June 28 (To record merchandise returned) 15 June 30 (To record cost of merchandise returned)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter - Classification Deceit

Authors: Kate Mooney

2nd Edition

0071719385, 9780071719384

More Books

Students also viewed these Accounting questions

Question

1. How similar were the implementation steps for each change?

Answered: 1 week ago

Question

How do todays organizations diff er from those of earlier eras?

Answered: 1 week ago