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Blue Spruce Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Blue Spruce's inventory consists of 250 books purchased at
Blue Spruce Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Blue Spruce's inventory consists of 250 books purchased at $20 each. Blue Spruce uses a perpetual inventory system. During the month of June, the following merchandise transactions occurred: June 1 3 5 8 9 Purchased 170 books on account for $18 each from Reader's World Publishers, terms n/45. Sold 230 books on account to The Book Nook for $25 each, with an assumed average cost of $19, terms 2/10, n/45. Received a $162 credit for 9 books returned to Reader's World Publishers. Sold 100 books on account to Read-A-Lot Bookstore for $23 each, with an assumed average cost of $19, terms 2/10, n/45. Issued a $276 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed. Purchased 130 books on account for $16 each from Read More Publishers, terms n/45. Received payment in full from The Book Nook. Received payment in full from Read-A-Lot Bookstore. Sold 125 books on account to Reader's Bookstore for $26 each, with an assumed average cost of $19, terms 2/10, n/45. Granted Reader's Bookstore a $390 credit for 15 returned books. These books were restored to inventory. Paid Reader's World Publishers in full. 11 12 17 22 25 29 Create a T account for the Inventory account. Enter the opening balance, post the June transactions related to Inventory, and determine the ending balance in the account. Inventory June 3 4370 June 3 5750 June 8 1900 June 5 162 June 11 2080 June 8 2300 June 25
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