Ayayai s 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 $ 1,020 from Catlin Publishers, terms 2 10, n 30 3 Sold books on account to Garfunkle Bookstore for $ 1,190 The cost of the books sold was $ 770 6 Received $ 20 credit for books returned to Catlin Publishers 9 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 $ 770 20 Purchased books on account for $ 700 from Priceless Book Publishers, terms 1 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 $ 1,280 The cost of the merchandise sold was $ 710 30 Granted General Bookstore $ 120 credit for books returned costing $ 80 Journalize the transactions for the month of June for Ayayai 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 ) Account Titles and Explanation Debit Credit Date June 1 June 3 (To record credit sate) June 6 (To record cost of merchandise sold) June 9 June 15 June 17 June 20 (To record credit sale) June 24 (To record cost of merchandise sold) June 26 June 28 June 30 (To record credit sale) (To record cost of merchandise sold) (To record merchandise retumed) (To record cost of merchandise returned)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 09, 2024

Ayayai s 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

Ayayais 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 $1,020 from Catlin Publishers, terms 2/10, n/30.
3		Sold books on account to Garfunkle Bookstore for $1,190. The cost of the books sold was $770.
6		Received $20 credit for books returned to Catlin Publishers.
9		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 $770.
20		Purchased books on account for $700 from Priceless Book Publishers, terms 1/15, 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 $1,280. The cost of the merchandise sold was $710.
30		Granted General Bookstore $120 credit for books returned costing $80.

Journalize the transactions for the month of June for Ayayai 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.) Account Titles and Explanation Debit Credit Date June 1 June 3 (To record credit sate) June 6 (To record cost of merchandise sold) June 9 June 15 June 17 June 20 (To record credit sale) June 24 (To record cost of merchandise sold) June 26 June 28 June 30 (To record credit sale) (To record cost of merchandise sold) (To record merchandise retumed) (To record cost of merchandise returned)