QUESTION 3 Maju Book Store distributes hardcover co DOOR Store distributes hardcover cover books to retail stores and extend credit terms of 30 to all of its customers. During the month of June, the following merchandising transactions occurred. Date Transactions Purchased 400 books on account for RM6 each from Logan Publisher with credit terms 2/10, n/30 Sold 240 books for RM10 each to Reading Rainbow, on account. The cost of each book is RM6. Returned 20 books to Logan Publisher, RM 6 each. This is due to wrong book title. Restu received credit of RM120 for this transaction. Paid Logan Publisher in full, less discount Sold 180 books for RMIO each to Cheap Book, on account. The cost of each book is RM6./ Received full payment from Reading Rainbow Received payment from Cheap Book, less discount. Sold 130 books at RM10 each to Willey Bookstore by cash. The cost of each book is RM6. Maju Book Store accounts include the following: Cash, Accounts Receivable (Reading Rainbow), Accounts Receivable (Cheap Book), Account Receivable (Willey Bookstore), Merchandise Inventory, Account Payable (Logan Publisher), Sales, Sales Discount and Cost of Goods Sold. Required: a) Journalize the June's transactions by using perpetual inventory system. b) Post to accounts and prepare a trial balance as at 30 June 2018. c) Prepare Income Statement for the month ended 30th June 2018. Maju Book Store distributes hardcover cover books to retail stores and extend credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. Date Transactions June 1 Purchased 400 books on account for RM6 each from Logan Publisher with credit terms 2/10, n/30 Sold 240 books for RM10 each to Reading Rainbow, on account. The cost of each book is RM6. Returned 20 books to Logan Publisher, RM 6 each. This is due to wrong book title. Restu received credit of RM120 for this transaction. Paid Logan Publisher in full, less discount Sold 180 books for RM10 each to Cheap Book, on account. The cost of each book is RM6./ Received full payment from Reading Rainbow (24) Received payment from Cheap Book, less discount. Sold 130 books at RM10 each to Willey Bookstore by cash. The cost of each book is RM6. Maju Book Store accounts include the following: Sold 240 books Tor KM IV each to Reading Rainbow, on account. The cost of each book is RM6. Returned 20 books to Logan Publisher, RM 6 each. This is due to wrong book title. Restu received credit of RM120 for this transaction. Paid Logan Publisher in full, less discount Sold 180 books for RM10 each to Cheap Book, on account. The cost of each book is RM6./ Received full payment from Reading Rainbow Received payment from Cheap Book, less discount. 30 Sold 130 books at RM10 each to Willey Bookstore by cash. The cost of each book is RM6. Maju Book Store accounts include the following: Cash, Accounts Receivable (Reading Rainbow), Accounts Receivable (Cheap Book), Account Receivable (Willey Bookstore), Merchandise Inventory, Account Payable (Logan Publisher), Sales, Sales Discount and Cost of Goods Sold. Required: a) Journalize the June's transactions by using perpetual inventory system, b) Post to accounts and prepare a trial balance as at 30 June 2018. c) Prepare Income Statement for the month ended 30 June 2018
