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need correct answer Ayayai Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Ayayai's inventory consists of 270 books purchased
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Ayayai Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Ayayai's inventory consists of 270 books purchased at $20 each. Ayayai uses a perpetual inventory system. Return rates in the book industry are high, with Ayayai experiencing a 15% return rate historically. During the month of June, the following merchandise transactions occurred: June 1 3 5 8 9 Purchased 190 books on account for $18 each from Reader's World Publishers, terms n/45. Sold 220 books on account to The Book Nook for $25 each, with an assumed average cost of $19, terms n/45. Received a $162 credit for 9 books returned to Reader's World Publishers. Sold 82 books on account to Read-A-Lot Bookstore for $24 each, with an assumed average cost of $19, terms n/45. Issued a $288 credit memorandum to Read-A-Lot Bookstore for the return of 12 damaged books. The books were determined to be no longer saleable and were destroyed. Purchased 130 books on account for $15 each from Read More Publishers, terms w/45. Received payment in full from The Book Nook. Received payment in full from Read-A-Lot Bookstore, Sold 125 books on account to Reader's Bookstore for $25 each with an assumed average cost of $19, terms n/45. Granted Reader's Bookstore a $350 credit for 14 returned books. These books were restored to inventory. Paid Reader's World Publishers in full. 11 12 17 22 25 29 Record the June transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round your answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit June 1 Inventory 3420 Accounts Payable 34: June 3 Accounts Receivable 5500 Sales Discounts 550 Cash 550 (To record sales) June 3 Cost of Goods Sold 4180 Inventory 418 Cash 418 (To record cost of goods sold) U June 5 Accounts Payable 180 Inventory 180 June 8 C Accounts Receivable 1968 Sales Discounts 1968 Cash 1968 (To record sales) une 8 Cost of Goods Sold 1558 Inventory 1558 Cash 1558 (To record cost of goods sold) June 9 Sales Returns and Allowances 288 Accounts Receivable 288 June 9 Inventory 228 228 Cost of Goods Sold June 11 1950 Inventory 1950 Accounts Payable June 12 Cash 5500 Accounts Receivable 5500 June 177 Cash 1680 Accounts Receivable 1680 June 22 Accounts Receivable 3125 Unearned Revenue 3125 Cash 3125 (To record sales) une 22 Cost of Goods Sold 2375 Inventory 2375 (To record sales) 2375 une 22 Cost of Goods Sold 2375 Inventory Cash 2375 (To record cost of goods sold) June 25 Sales Returns and Alowances 350 Cost of Goods Sold 350 (To record sales returns) June 25 Inventory 246 Cost of Goods Sold 246 (To record cost of goods returned) June 29 V Cash 2860 Accounts Receivable 2860 O EI Step by Step Solution
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