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Cullumber's Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of
Cullumber's Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,900 from Binsfeld Publishers, terms 2/10, n/30. Sold books on account to Reading Rainbow for $2,500. The cost of the books sold was $1,700. Received $100 credit for books returned to Binsfeld Publishers. Paid Binsfeld Publishers in full. Received payment in full from Reading Rainbow. Sold books on account to Rapp Books for $1,700. The cost of the merchandise sold was $1,020. Purchased books on account for $1,700 from McGinn Publishers, terms 1/15, n/30. Received payment in full from Rapp Books. Paid McGinn Publishers in full. Sold books on account to Baeten Bookstore for $1,300. The cost of the merchandise sold was $970. Granted Baeten Bookstore $130 credit for books returned costing $78.
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