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Carla Vista 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,
Carla Vista 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 $1,755 (including freight) from Catlin Publishers, terms 2/10, 1/30. 3 Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $850. 6 Received $55 credit for books returned to Catlin Publishers, 9 Pald Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1.550. The cost of the merchandise sold was $850. 20 Purchased books on account for $900 from Priceless Book Publishers, terms 3/15, 1/30. 24 Received payment in full from Bell Tower, 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $2,650. The cost of the merchandise sold was $950. 30 Granted General Bookstore $210 credit for books returned costing $30. Date Account Titles and Explanation Debit Credit (To record sale of books on account) (To record cost of books sold) Question 4 of 7 - 735 ili I (To record sale of books on account) To record cost of merchandise sold (To record cost of merchandise sold) (To record sale of books on account) 1 (To record cost of books sold) (To record credit granted to General Bookstore for returned goods)
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