Crane Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.June 1 Purchased books on account for $2,180 (including freight) from Catlin Publishers, terms 4/10, n/30.3 Sold books on account to Garfunkel Bookstore for $900. The cost of the merchandise sold was $700.6 Received $80 credit for books returned to Catlin Publishers.9 Paid Catlin Publishers in full.15 Received payment in full from Garfunkel Bookstore.17 Sold books on account to Bell Tower for $1,600. The cost of the merchandise sold was $950.20 Purchased books on account for $800 from Priceless Book Publishers, terms 3/15, n/30.24 Received payment in full from Bell Tower.26 Paid Priceless Book Publishers in full.28 Sold books on account to General Bookstore for $1,800. The cost of the merchandise sold was $820.30 Granted General Bookstore $300 credit for books returned costing $40.Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCreditChoose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title enter a debit amount enter a credit amount  Enter an account title enter a debit amount enter a credit amount Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title to record credit sale enter a debit amount enter a credit amount  Enter an account title to record credit sale enter a debit amount enter a credit amount  (To record sale of books on account)  Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title to record cost of goods sold enter a debit amount enter a credit amount  Enter an account title to record cost of goods sold enter a debit amount   (To record cost of books sold)  Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title    Enter an account title   Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title    Enter an account title    Enter an account title   Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title    Enter an account title   Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title to record credit sale    Enter an account title to record credit sale    (To record sale of books on account)  Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title to record cost of goods sold    Enter an account title to record cost of goods sold    (To record cost of merchandise sold)  Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title    Enter an account title   Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title enter a debit amount for journal entry on June 24 enter a credit amount for journal entry on June 24  Enter an account title enter a debit amount for journal entry on June 24 enter a credit amount for journal entry on June 24  Enter an account title enter a debit amount for journal entry on June 24 enter a credit amount for journal entry on June 24 Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title    Enter an account title    Enter an account title   Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title to record credit sale    Enter an account title to record credit sale    (To record sale of books on account)  Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title to record cost of goods sold    Enter an account title to record cost of goods sold    (To record cost of books sold)  Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title to record credit granted for returned goods    Enter an account title to record credit granted for returned goods    (To record credit granted to General Bookstore for returned goods)  Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title to record cost of goods returned    Enter an account title to record cost of goods returned

Question
Asked Sep 30, 2019

Crane Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.

June 1   Purchased books on account for $2,180 (including freight) from Catlin Publishers, terms 4/10, n/30.
3   Sold books on account to Garfunkel Bookstore for $900. The cost of the merchandise sold was $700.
6   Received $80 credit for books returned to Catlin Publishers.
9   Paid Catlin Publishers in full.
15   Received payment in full from Garfunkel Bookstore.
17   Sold books on account to Bell Tower for $1,600. The cost of the merchandise sold was $950.
20   Purchased books on account for $800 from Priceless Book Publishers, terms 3/15, n/30.
24   Received payment in full from Bell Tower.
26   Paid Priceless Book Publishers in full.
28   Sold books on account to General Bookstore for $1,800. The cost of the merchandise sold was $820.
30   Granted General Bookstore $300 credit for books returned costing $40.


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

Date
Account Titles and Explanation
Debit
Credit
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 
enter a debit amount
 
enter a credit amount
 
 
Enter an account title
 
enter a debit amount
 
enter a credit amount
 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record credit sale
 
enter a debit amount
 
enter a credit amount
 
 
Enter an account title to record credit sale
 
enter a debit amount
 
enter a credit amount
 
  (To record sale of books on account)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record cost of goods sold
 
enter a debit amount
 
enter a credit amount
 
 
Enter an account title to record cost of goods sold
 
enter a debit amount
 

 
  (To record cost of books sold)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 
 

 
 
Enter an account title
 

 

 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 

 

 
 
Enter an account title
 

 

 
 
Enter an account title
 

 

 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 

 

 
 
Enter an account title
 

 

 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record credit sale
 

 

 
 
Enter an account title to record credit sale
 

 

 
  (To record sale of books on account)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record cost of goods sold
 

 

 
 
Enter an account title to record cost of goods sold
 

 

 
  (To record cost of merchandise sold)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 

 

 
 
Enter an account title
 

 

 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 
enter a debit amount for journal entry on June 24
 
enter a credit amount for journal entry on June 24
 
 
Enter an account title
 
enter a debit amount for journal entry on June 24
 
enter a credit amount for journal entry on June 24
 
 
Enter an account title
 
enter a debit amount for journal entry on June 24
 
enter a credit amount for journal entry on June 24
 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 

 

 
 
Enter an account title
 

 

 
 
Enter an account title
 

 

 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record credit sale
 

 

 
 
Enter an account title to record credit sale
 

 

 
  (To record sale of books on account)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record cost of goods sold
 

 

 
 
Enter an account title to record cost of goods sold
 

 

 
  (To record cost of books sold)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record credit granted for returned goods
 
   
 
Enter an account title to record credit granted for returned goods
 

 

 
  (To record credit granted to General Bookstore for returned goods)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record cost of goods returned
 

 

 
 
Enter an account title to record cost of goods returned
 

 

 
check_circleExpert Solution
Step 1

Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory system:

 

Account titles & Explanation
Debit
Credit
Date
Merchandise Inventory
Accounts payable
$2,180
June 1
$2,180
Accounts Receivable
Sales revenue
$900
June 3
$900
Cost of goods sold
Merchandise inventory
$700
$700
Accounts payable
Merchandise inventory
$80
June 6
$80
Accounts payable ($2,180- $80)
$2,100
June 9
$2,016
Cash
Merchandise inventory ($2,100*4%)
$84
help_outline

Image Transcriptionclose

Account titles & Explanation Debit Credit Date Merchandise Inventory Accounts payable $2,180 June 1 $2,180 Accounts Receivable Sales revenue $900 June 3 $900 Cost of goods sold Merchandise inventory $700 $700 Accounts payable Merchandise inventory $80 June 6 $80 Accounts payable ($2,180- $80) $2,100 June 9 $2,016 Cash Merchandise inventory ($2,100*4%) $84

fullscreen
Step 2
Cash
$864
June 15
Sales discount ($900 *4%)
$36
$900
Accounts receivable
Accounts receivable
Sales revenue
$1,600
June 17
$1,600
Cost of goods sold
Merchandise inventory
$950
$950
Merchandise inventory
Accounts payable
$800
June 20
$800
Cash
$1,104
$46
June 24
Sales discount ($1,150 * 4%)
$1,150
Accounts receivable
Accounts payable
$800
June 26
$776
Cash
Merchandise inventory ($800*3%)
$24
help_outline

Image Transcriptionclose

Cash $864 June 15 Sales discount ($900 *4%) $36 $900 Accounts receivable Accounts receivable Sales revenue $1,600 June 17 $1,600 Cost of goods sold Merchandise inventory $950 $950 Merchandise inventory Accounts payable $800 June 20 $800 Cash $1,104 $46 June 24 Sales discount ($1,150 * 4%) $1,150 Accounts receivable Accounts payable $800 June 26 $776 Cash Merchandise inventory ($800*3%) $24

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour*

See Solution
*Response times may vary by subject and question
Tagged in

Business

Accounting

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: Please Help

A: Record the necessary cash adjustments as shown below:

question_answer

Q: Please help with practice problem #4 for a and b.

A: Journal entries in the books of Drcman Inc.

question_answer

Q: Purchase-Related Transactions Journalize entries for the following related transactions of Manville ...

A: Definition of Purchase:Purchases means when goods are brought with an intension of selling. Purchase...

question_answer

Q: Everest Inc's preferred stock pays a dividend of $1.55 per quarter, and it sells the preferred stock...

A: Effective annual rate of dividend is calculated by considering the the dollar amount per share of th...

question_answer

Q: Review the chart of accounts in Ch 2.  In Excel, create a four column chart of accounts for a fictit...

A: 4 Column chart of account for a service company – Assets

question_answer

Q: i am having trouble with adjustments in my trial balance worksheet. please help

A: Trial balance is as follows:

question_answer

Q: Purchase-related transactions using perpetual inventory system The following selected transactions w...

A: Prepare the journal entries from March 1 to March 18:

question_answer

Q: How do i close  expense accounts while getting ready to prepare financial statements?

A: Closing entries: Closing entries are recorded in order to close the temporary accounts such as incom...

question_answer

Q: I asked this question yesterday and received my answer.. I am stuck on how to calculate the present ...

A: Prepare journal to record sale of land: