Question
Monty's 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,
Monty's 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.
June1Purchased books on account for $970(including freight) from Catlin Publishers, terms 2/10, n/30.3Sold books on account to Garfunkle Bookstore for $1,260. The cost of the books sold was $660.6Received $70credit for books returned to Catlin Publishers.9Paid Catlin Publishers in full.15Received payment in full from Garfunkle Bookstore.17Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $710.20Purchased books on account for $690from Priceless Book Publishers, terms 1/15, n/30.24Received payment in full from Bell Tower.26Paid Priceless Book Publishers in full.28Sold books on account to General Bookstore for $1,220. The cost of the merchandise sold was $700.30Granted General Bookstore $120credit for books returned costing $80.
Journalize the transactions for the month of June forMontyWarehouse using a perpetual inventory system.(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 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 125.53.)
Date
Account Titles and Explanation
Debit
Credit
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title to record credit sale
enter a debit amount
enter a credit amount
enter an account title to record credit sale
enter a debit amount
enter a credit amount
(To record credit sale)
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title to record cost of merchandise sold
enter a debit amount
enter a credit amount
enter an account title to record cost of merchandise sold
enter a debit amount
enter a credit amount
(To record cost of merchandise sold)
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title to record credit sale
enter a debit amount
enter a credit amount
enter an account title to record credit sale
enter a debit amount
enter a credit amount
(To record credit sale)
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title to record cost of merchandise sold
enter a debit amount
enter a credit amount
enter an account title to record cost of merchandise sold
enter a debit amount
enter a credit amount
(To record cost of merchandise sold)
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
June 24
enter an account title for the journal entry on june 24
enter a debit amount
enter a credit amount
enter an account title for the journal entry on june 24
enter a debit amount
enter a credit amount
enter an account title for the journal entry on june 24
enter a debit amount
enter a credit amount
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title to record credit sale
enter a debit amount
enter a credit amount
enter an account title to record credit sale
enter a debit amount
enter a credit amount
(To record credit sale)
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title to record cost of merchandise sold
enter a debit amount
enter a credit amount
enter an account title to record cost of merchandise sold
enter a debit amount
enter a credit amount
(To record cost of merchandise sold)
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title to record merchandise returned
enter a debit amount
enter a credit amount
enter an account title to record merchandise returned
enter a debit amount
enter a credit amount
(To record merchandise returned)
choose a transaction date
June 1
June 3
June 6
June 9
June 15
June 17
June 20
June 24
June 26
June 28
June 30
enter an account title to record cost of merchandise returned
enter a debit amount
enter a credit amount
enter an account title to record cost of merchandise returned
enter a debit amount
enter a credit amount
(To record cost of merchandise returned)
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Accounting Volume 2
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
2nd Canadian edition
176501452, 978-0176501457, 978-0176509743
