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Goldenrod 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
Goldenrod 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 $960 (including freight) from Barnum Publishers, terms 2/10, n/30. 3 Sold books on account to the Flint Hills bookstore for $1,200 each. The cost of the merchandise sold was $720. 6 Received $60 credit for books returned to Barnum Publishers. 9 Paid Barnum Publishers in full. 15 Received payment in full from the Flint Hills bookstore. 17 Sold books on account to Town Crier Bookstore for $1,400. The cost of the merchandise sold was $840. 20 Purchased books on account for $720 from Good Book Publishers, terms 1/15, n/30. 24 Received payment in full from Town Crier Bookstore. 26 Paid Good Book Publishers in full. 28 Sold books on account to HomeTown Bookstore for $1,300. The cost of the merchandise sold was $780. 30 Granted HomeTown Bookstore $150 credit for books returned costing $90. Journalize the transactions for the month of June for Goldenrod Warehouse, using a perpetual inventory system. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Round all answers to 0 decimal places, e.g. 1,255.)
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