Blossom’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Blossom’s inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred.June 3 Sold books on account to Reading Rainbow for $2,600. The cost of the books sold was $1,700.15 Received payment in full from Reading Rainbow.17 Sold books on account to Rapp Books for $1,700. The cost of the books sold was $1,020.24 Received payment in full from Rapp Books.28 Sold books on account to Baeten Bookstore for $1,100. The cost of the books sold was $970.30 Granted Baeten Bookstore $110 credit for books returned costing $66.Journalize the transactions for the month of June for Blossom’s Book Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) DateAccount Titles and ExplanationDebitCredit

Journal: Recording of a business transactions in a chronological order.

Answered: Blossom’s Book Warehouse distributes…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 4PA: The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this...

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Blossom’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Blossom’s inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred.

June 3		Sold books on account to Reading Rainbow for $2,600. The cost of the books sold was $1,700.
15		Received payment in full from Reading Rainbow.
17		Sold books on account to Rapp Books for $1,700. The cost of the books sold was $1,020.
24		Received payment in full from Rapp Books.
28		Sold books on account to Baeten Bookstore for $1,100. The cost of the books sold was $970.
30		Granted Baeten Bookstore $110 credit for books returned costing $66.

Journalize the transactions for the month of June for Blossom’s Book Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit

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