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Crane's Book Warehouse distributes hardback books to retail stores and extends credit terms of to all of its customers. During the month of June, the following merchandising transactions occurred.
June Purchased books on account for $ from Binsfeld Publishers, terms
Sold books on account to Reading Rainbow for $ The cost of the books sold was $
Received $ credit for books returned to Binsfeld Publishers.
Paid Binsfeld Publishers in full.
Received payment in full from Reading Rainbow.
Sold books on account to Rapp Books for $ The cost of the merchandise sold was $
Purchased books on account for $ from McGinn Publishers, terms
Received payment in full from Rapp Books.
Paid McGinn Publishers in full.
Sold boo account to Baeten Bookstore for $ The cost of the merchandise sold was $
Granted Baeten Bookstore $ credit for books returned costing $
Journalize the transactions for the month of June for Crane's Book Warehouse using a perpetual inventory system. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts.
tableDateAccount Titles and Explanation,DebitJune Inventory,Accounts Payable,,June Accounts Receivable,
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