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Bramble'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
Bramble'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 $980 (including freight) from Catlin Publishers, terms 2/10,n/30. 3 Sold books on account to Garfunkle Bookstore for $1,140. The cost of the books sold was $740. 6 Received $80 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 $1,100. The cost of the merchandise sold was $720. 20 Purchased books on account for $710 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 $1,240. The cost of the merchandise sold was $710. 30 Granted General Bookstore $140 credit for books returned costing $80
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