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Ivanhoe Warehouse distributes hardback books to retail stores and extends credit terms of 4/10,n/30 to all of its customers. During the month of June, the
Ivanhoe Warehouse distributes hardback books to retail stores and extends credit terms of 4/10,n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 3 6 9 15 17 Purchased books on account for $2,775 (including freight) from Catlin Publishers, terms 4/10, n/30. Sold books on account to Garfunkel Bookstore for $900. The cost of the merchandise sold was $800. Received $75 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkel Bookstore. Sold books on account to Bell Tower for $1,500, terms of 4/10,n/30. The cost of the merchandise sold was $800. Purchased books on account for $800 from Priceless Book Publishers, terms 3/15, n/30. Received payment in full, less discount from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1,000. The cost of the merchandise sold was $800. Granted General Bookstore $290 credit for books returned costing $70. 20 24 26 28 30 Journalize the transactions for the month of June for Ivanhoe Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O 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.)
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