Culver’s Warehouse distributes hardback books 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 $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. 20 Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, 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 $1,270. The cost of the merchandise sold was $840. 30 Granted General Bookstore $140 credit for books returned costing $80. Journalize the transactions for the month of June for Culver Warehouse using a perpetual inventory system.
Culver’s Warehouse distributes hardback books 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 $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. 20 Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, 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 $1,270. The cost of the merchandise sold was $840. 30 Granted General Bookstore $140 credit for books returned costing $80. Journalize the transactions for the month of June for Culver Warehouse using a perpetual inventory system.
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 4PB: The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of...
Related questions
Question
Culver’s Warehouse distributes hardback books 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 $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. | |
| 3 | Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. | |
| 6 | Received $60 credit for books returned to Catlin Publishers. | |
| 9 | Paid Catlin Publishers in full. | |
| 15 | Received payment in full from Garfunkle Bookstore. | |
| 17 | Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. | |
| 20 | Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, 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 $1,270. The cost of the merchandise sold was $840. | |
| 30 | Granted General Bookstore $140 credit for books returned costing $80. |
Journalize the transactions for the month of June for Culver Warehouse using a perpetual inventory system.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,