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June 1 3 6 Cullumber's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, 1/30 to all of its customers.

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June 1 3 6 Cullumber's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, 1/30 to all of its customers. At the end of May, Cullumber's inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred. Purchased books on account for $1.900 from Binsfeld Publishers, FOB destination, terms 2/10, 1/30. The appropriate party also made a cash payment of $60 for the freight on this date. Sold books on account to Reading Rainbow for $2,500. The cost of the books sold was $1,700. Received $100 credit for books returned to Binsfeld Publishers. Paid Binsfeld Publishers in full, less discount Received payment in full from Reading Rainbow. Sold books on account to Rapp Books for $1,700. The cost of the books sold was $1,020. Purchased books on account for $1.700 from McGinn Publishers, FOB destination, terms 1/15,n/36. The appropriate party also made a cash payment of $60 for the freight on this date. Received payment in full from Rapp Books Pald McGinn Publishers in full, less discount. 28 Sold books on account Baeten Bookstore for $1.300. The cost of the books sold was $970. Granted Baten Bookstore 5130 credit for books returned costing $78. 9 15 17 20 24 26 30 Cullumber's Book Warehouse's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory. No201 Accounts Payable. No. 401 Sales Revenue No. 412 Sales Returns and Allowances, No. 414 Sales Discounts and NO. SOS Cost of Goods Sold Question 17 of 18 -/1 Date Account Titles and Explanation Debit Credit June 3 June 6 (To record credit sale) June (To record cost of merchandise sold) 15. 17 June 20 June 2 Question Accounting June 26 Question Accounting on (To record cost of merchandise sold) June 28 Question 1 Accounting June 3D Question 12 Account Question 13 June 20 Question 14 core Question 15 June 24 Question 16 (To record credit sale) Viewing Questi June 26 Question 18 (To record cost of merchandise sold) (To record cost of merchandise sold) June 2 To record merchandise returned) 30 (To record cost of merchandise returned) e Texthonkan

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