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Crane Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, 1/30 to all of its customers. During the month of June,
Crane Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, 1/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1.280 including freight) from Catlin Publishers, terms 2/10,30. 3 Sold books on account to Garfunkel Bookstore for $1.400. The cost of the merchandise sold was $800 6 Received $80 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 $1,100. The cost of the merchandise sold was 5950. 20 Purchased books on account for $800 from Priceless Book Publishers, terms 1/15/30 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full 28 Sold books on account to General Bookstore for $1,550. The cost of the merchandise sold was $800 30 Granted General Bookstore $200 credit for books returned costing $70. Journalize the transactions for the month of June for Crane Warehouse using a perpetual inventory system (i no entry is required, select "No Entry for the accountries and enter for the amounts. Credit account titles are automatically Indented when amount is entered Do not indent manually Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit 1280 June 1 Inventory Accounts Payable Type het toch TOSHIBA / 3 / 5 8 June 3 - (To record sale of books on account) June 3 (To record cost of books sold) June 6 - Accounts Payable Inventory Accounts Payable June 17 TOSHIBA June 17 Accounts Receivable 1100 1100 (To record sale of books on account) (To record cost of merchandise sold) mory TOSHIBA June 28 Accounts Receivable 1550 1550 (To record sale of books on account) (To record cost of books sold) June 30 - (To record credit granted to General Bookstore for returned goods) (To record cost of books returned) e Textbook and Media List of Accounts Type here to search TOSHIBA
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