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Blossom 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
Blossom 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 3 Purchased books on account for $1,065 (including freight) from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkel Bookstore for $1,500. The cost of the merchandise sold was $700. 6 Received $65 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 $1,900. The cost of the merchandise sold was $750. 20 22 20 Purchased books on account for $800 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 23 30 Sold books on account to General Bookstore for $1,250. The cost of the merchandise sold was $810. Granted General Bookstore $270 credit for books returned costing $65.
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