Problem 5 1A Bridgeports Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1 10, n 30 to all of its customers At the end of May, Bridgeports inventory consisted of books purchased for $1,600 During June, the following merchandising transactions occurred June 1 Purchased books on account for $1,400 from Kline Publishers, FOB destination, terms 1 10, n 30 The appropriate party also made a cash payment of $50 for the freight on this date 3 Sold books on account to Reading Rainbow for $2,400 The cost of the books sold was $800 6 Received $200 credit for books returned to Kline Publishers 9 Paid Kline Publishers in full, less discount 15 Received payment in full from Reading Rainbow 17 Sold books on account to Blanco Books for $1,600 The cost of the books sold was $960 20 Purchased books on account for $1,200 from Dietz Publishers, FOB destination, terms 1 15, n 30 The appropriate party also made a cash payment of $60 for the freight on this date 24 Received payment in full from Blanco Books 26 Paid Dietz Publishers in full, less discount 28 Sold books on account to Reddy Bookstore for $1,200 The cost of the books sold was $650 30 Granted Reddy Bookstore $130 credit for books returned costing $78 Bridgeports Book Warehouses chart of accounts includes the following No 101 Cash, No 112 Accounts Receivable, No 120 Inventory, No 201 Accounts Payable, No 401 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 Bridgeports Book Warehouse 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 ) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) (To record credit sale) (To record cost of merchandise sold) June 24 (To record credit sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned)

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Problem 5-1A Bridgeports Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the

Problem 5-1A

Bridgeports Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of May, Bridgeports inventory consisted of books purchased for $1,600. During June, the following merchandising transactions occurred.

June 1		Purchased books on account for $1,400 from Kline Publishers, FOB destination, terms 1/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date.
3		Sold books on account to Reading Rainbow for $2,400. The cost of the books sold was $800.
6		Received $200 credit for books returned to Kline Publishers.
9		Paid Kline Publishers in full, less discount.
15		Received payment in full from Reading Rainbow.
17		Sold books on account to Blanco Books for $1,600. The cost of the books sold was $960.
20		Purchased books on account for $1,200 from Dietz Publishers, FOB destination, terms 1/15, n/30. The appropriate party also made a cash payment of $60 for the freight on this date.
24		Received payment in full from Blanco Books.
26		Paid Dietz Publishers in full, less discount.
28		Sold books on account to Reddy Bookstore for $1,200. The cost of the books sold was $650.
30		Granted Reddy Bookstore $130 credit for books returned costing $78.

Bridgeports Book Warehouses chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 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 Bridgeports Book Warehouse 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.)

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Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) (To record credit sale) (To record cost of merchandise sold) June 24 (To record credit sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned)