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Powell Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June,
Powell Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.
June 1 | Purchased books on account for $1,940 (including freight) from Catlin Publishers, terms 4/10, n/30. | |
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3 | Sold books on account to Garfunkel Bookstore for $1,450. The cost of the merchandise sold was $800. | |
6 | Received $40 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. The cost of the merchandise sold was $950. | |
20 | Purchased books on account for $800 from Priceless Book Publishers, terms 2/15, n/30. | |
24 | Received payment in full from Bell Tower. | |
26 | Paid Priceless Book Publishers in full. | |
28 | Sold books on account to General Bookstore for $1,600. The cost of the merchandise sold was $890. | |
30 | Granted General Bookstore $100 credit for books returned costing $90.
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