Question
Sandhill's book warehouse distributes hardback book to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of
Sandhill's book warehouse distributes hardback book to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.
June 1. Purchased books on account for $1,400 from Binsfeld Publishers, terms 2/10, n/30.
June 3. Sold books on account to Reading Rainbow for $2,100. The cost of the books sold was $1,600
June 6. Received $100 credit for books returned to Binsfeld Publishers. June 9. Paid Binsfeld Publishers in full
June 15. Received payment in full from Reading Rainbow.
June 17. Sold on account to Rapp Books for $1800. The cost of the merchandise sold was $1080.
June 20. Purchased books on account for $1,800 from McGinn Publishers, terms 2/15, n/30
June 24. Received payment in full from Rapp Books
June 26. Paid McGinn Publishers in full
June 28. Sold books on account to Baeton Bookstore for $1,100. The cost of the merchandise sold was $970.
June 30. Granted Baeton Bookstore $140 credit for books returned costing $84
Journalize the transactions for the month of June for Sandhill's Book Warehouse using a perpetual inventory system.
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