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Goldenrod Warehouse distributes hardback books to retail storesand extends credit terms of 1/10, n/30 to all of its customers.During the month of June the following
Goldenrod Warehouse distributes hardback books to retail storesand extends credit terms of 1/10, n/30 to all of its customers.During the month of June the following merchandising transactionsoccurred.
June1 | Purchased books on account for $760 (includingfreight) from Barnum Publishers, terms 3/10, n/30. | |
3 | Sold books on account to the Flint Hills Bookstorefor $1,760. The cost of the merchandise sold was $550. | |
6 | Received $60 credit for books returned to BarnumPublishers. | |
9 | Paid Barnum Publishers in full. | |
15 | Received payment in full from the Flint HillsBookstore. | |
17 | Sold books on account to Town Crier Bookstore for$2,176. The cost of the merchandise sold was $680. | |
20 | Purchased books on account for $580 from Good BookPublishers, terms 2/15, n/30. | |
24 | Received payment in full from Town CrierBookstore. | |
26 | Paid Good Book Publishers in full. | |
28 | Sold books on account to HomeTown Bookstore for$2,144. The cost of the merchandise sold was $670. | |
30 | Granted HomeTown Bookstore $256 credit for 16books returned costing $80. |
Journalize the transactions for the month of June for GoldenrodWarehouse, using a perpetual inventory system.
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