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Problem 5-011 (Video) 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

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Problem 5-011 (Video) 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 $1,700. During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,400 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. 3 Sold books on account to Reading Rainbow for $2,300. The cost of the books sold was $1,600. 6 Received $200 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full, less discount. 15 Received payment in full from Reading Rainbow 17 Sold books on account to Rapp Books for $2,100. The cost of the books sold was $1,260. 20 Purchased books on account for $2,100 from McGinn Publishers, FOB destination, terms 1/15, 1/30. The appropriate party also made a cash payment of $60 for the freight on this date. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full, less discount 28 Sold books on account to Bacten Bookstore for $1,400. The cost of the books sold was 5970 30 Granted Baeten Bookstore $160 credit for books returned costing 596 Cullumber's Book Warehouse's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable No 120 Inventory, NO 201 Accounts Pub, Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold Journalize the transactions for the month of June for Cullumber's Book Warehouse using a perpetual inventory system. (Credit countries are automatically indested whe amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debat Credit S Date Account Titles and Explanation Debit Credit y. (To record credit sale) Y (To record cost of merchandise sold) (To record credit sale) 7 (To record cost of merchandise sold) Y (To record credit sale) 7 (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS VIDEO LINK TO TEXT LINK TO TEXT

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