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Hayes 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
Hayes 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 | Purchased books on account for $750 (including freight) from Brooks Publishers, terms 2/10, n/30. | |
3 | Sold books on account to the Mission Viejo Bookstore for $1,356. The cost of the merchandise sold was $565. | |
6 | Received $55 credit for books returned to Brooks Publishers. | |
9 | Paid Brooks Publishers in full. | |
15 | Received payment in full from the Mission Viejo Bookstore. | |
17 | Sold books on account to Book Nook Bookstore for $1,620. The cost of the merchandise sold was $675. | |
20 | Purchased books on account for $575 from Cook Book Publishers, terms 3/15, n/30. | |
24 | Received payment in full from Book Nook Bookstore. | |
26 | Paid Cook Book Publishers in full. | |
28 | Sold books on account to NewTown Bookstore for $1,560. The cost of the merchandise sold was $650. | |
30 | Granted NewTown Bookstore $180 credit for 15 books returned costing $75. |
Journalize the transactions for the month of June for Hayes 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, ie. 2,555.)
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