Journalize the transactions for the month of June for Ivanhoe Warehouse.ented in the protsystem. 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 Problem 5-02A Your answer is partially correct. Try again. Ivanhoe 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 $1,855 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,100. The cost of the merchandise sold was $750. 6 Received $55 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,450, terms of 2/10, n/30. The cost of the merchandise sold was $700. 20 Purchased books on account for $900 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full, less discount from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $2,050. The cost of the merchandise sold was $970. 30 Granted General Bookstore $240 credit for books returned costing $70. . Date Account Titles and Explanation Debit Credit June 1V Inventory 1855 Accounts Payable 1855 June 3 Accounts Receivable 1100 Sales Revenue 1100 (To record sale of books on account) June 3 Cost of Goods Sold 750 M Inventory 750 (To record cost of books sold) June 6 V Accounts Payable M Inventory 55 June 9V Accounts Payable 1800 Inventory URODATO 72 Cash 1728 June 15 Cash 1450 Accounts Receivable 1450 June 17 Accounts Receivable 1450 Sales Revenue 1450 (To record sale of books on account) June 17 Cost of Goods Sold 700 Inventory 700 (To record cost of merchandise sold) June 20 Inventory 900 M Accounts Payable 900 June 24 V Cash Sales Discounts 1450 Accounts Receivable June 26 Accounts Payable 750 Inventory Cash June 28 Accounts Receivable 2050 Sales Revenue 2050 (To record sale of books on account) June 28 Cost of Goods Sold 970 Inventory 970 (To record cost of books sold) June 30 V Sales Returns and Allowances 240 Accounts Receivable 240 (To record credit granted to General Bookstore for returned goods) June 30 Inventory 70 Cost of Goods Sold 70 (To record cost of books returned)
