Whispering Winds Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1.755 from Catlin Publishers. 3. Sold books on account to Garfunkel Bookstore for $1.550. The cost of the merchandise sold was $850. 6. Received $55 credit for books returhed to Catlin Publishers. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1.550. The cost of the merchandise sold was $850. 20 Purchased books on account for $850 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $2.650. The cost of the merchandise sold was $950. 30 Granted General Bookstore $210 credit for books returned costing $30, Prepare a tabular summary to record the transactions for the month of June for Whispering Winds Warehouse using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negotive sign preceding the number eg 45 or parentheses e (45))
Whispering Winds Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1.755 from Catlin Publishers. 3. Sold books on account to Garfunkel Bookstore for $1.550. The cost of the merchandise sold was $850. 6. Received $55 credit for books returhed to Catlin Publishers. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1.550. The cost of the merchandise sold was $850. 20 Purchased books on account for $850 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $2.650. The cost of the merchandise sold was $950. 30 Granted General Bookstore $210 credit for books returned costing $30, Prepare a tabular summary to record the transactions for the month of June for Whispering Winds Warehouse using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negotive sign preceding the number eg 45 or parentheses e (45))
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...
Related questions
Question
Transcribed Image Text:Whispering Winds Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month
of June, the following merchandising transactions occurred.
June 1
Purchased books on account for $1.755 from Catlin Publishers:
3
Sold books on account to Garfunkel Bookstore for $1.550. The cost of the merchandise sold was $850.
6
Received $55 credit for books returhed to Catlin Publishers.
Paid Catlin Publishers in full.
15
Received payment in full from Garfunkel Bookstore.
17
Sold books on account to Bell Tower for $1,550. The cost of the merchandise sold was $850.
Purchased books on account for $850 from Priceless Book Publishers.
20
24
Received payment in full from Bell Tower.
26
Paid Priceless Book Publishers in full.
28
Sold books on account to General Bookstore for $2,650. The cost of the merchandise sold was $950.
30
Granted General Bookstore $210 credit for books returned costing $30,
Prepare a tabular summary to record the transactions for the month of June for Whispering Winds Warehouse using a perpetual
inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative
sign preceding the number eg -45 or parentheses eg (45)
Transcribed Image Text:June
3
9.
15
17
20
24
26
28
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
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
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning