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Bridgeport Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Bridgeport's inventory consists of 260 books purchased at $16 each.
Bridgeport Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Bridgeport's inventory consists of 260 books purchased at $16 each. Bridgeport uses a perpetual inventory system. During the month of June, the following merchandise transactions occurred: June 1 8 9 11 12 Purchased 180 books on account for $14 each from Reader's World Publishers, terms n/45 Sold 210 books on account to The Book Nook for $25 each, with an assumed average cost of $15, terms 2/10, n/45. Received a $140 credit for 10 books returned to Reader's World Publishers Sold 70 books on account to Read-A-Lot Bookstore for $21 each, with an assumed average cost of $15, terms 2/10, n/45. Issued a $252 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 $14 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 $27 each, with an assumed average cost of $15 terms 2/10, 1/45 Granted Reader's Bookstore a $378 credit for 14 returned books. These books were restored to inventory. Paid Reader's World Publishers in full. 17 22 25 29 (a Is the Bridgeport Book Warehouse a retailer or a wholesaler? The Bridgeport Book Warehouse is a (0) Record the June transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all answers to 0 decimal places, e.g. 125. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit June 1 3 (To record sales) 3 (To record cost of goods sold) 5 Version 4.41 (To record cost of goods sold) 5 8 (To record sales) 8 (To record cost of goods sold) 9 11 12 12 17 22 (To record sales) 22 (To record cost of goods sold) 25 (To record sales returns) 25 (To record sales) 22 (To record cost of goods sold) 25 (To record sales returns) 25 (To record cost of goods returned) 29 SHOW LIST OF ACCOUNTS Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Vehicles Administrative Expenses Advertising Expense Bank Loan Payable Buildings Cash Common Shares Cost of Goods Sold Current Portion of Bank Loan Payable Current Portion of Mortgage Payable Depreciation Expense Dividends Declared Equipment Freight In Freight Out Income Summary Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Mortgage Payable No Entry Office Expense Prepaid Insurance Prepaid Rent Property Tax Expense Property Tax Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Rent Revenue Retained Earnings Salaries Expense Salaries Payable Sales Sales Discounts Sales Returns and Allowances Selling Expenses Supplies Supplies Expense Travel Expense Unearned Revenue Utilities Expense Vehicles
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