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Ayayai'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 3 6 9 15 17 222 20 24 26 20 Purchased books on account for $1,020 (including freight) from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkle Bookstore for $1,190. The cost of the books sold was $770. Received $20 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $1.200. The cost of the merchandise sold was $770. Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, n/30. Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold hoole

Ayayai'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 3 6 9 15 17 222 20 24 26 20 Purchased books on account for $1,020 (including freight) from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkle Bookstore for $1,190. The cost of the books sold was $770. Received $20 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $1.200. The cost of the merchandise sold was $770. Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, n/30. Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold hoole

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ayayai'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 3 6 9 15 17 20 24 26 28 Purchased books on account for $1,020 (including freight) from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkle Bookstore for $1,190. The cost of the books sold was $770. Received $20 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $770. Purchased books on account for $740 from Priceless Book Publishers, terms 1/15.n/30. Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1.280. The cost of the merchandise sold war $710
Transcribed Image Text:Ayayai'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 3 6 9 15 17 20 24 26 28 Purchased books on account for $1,020 (including freight) from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkle Bookstore for $1,190. The cost of the books sold was $770. Received $20 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $770. Purchased books on account for $740 from Priceless Book Publishers, terms 1/15.n/30. Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1.280. The cost of the merchandise sold war $710
28 30 Journalize the transactions for the month of June for Ayayai Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 125.53.) Account Titles and Explanation Date June 1 Sold books on account to General Bookstore for $1,280. The cost of the merchandise sold was $710. Granted General Bookstore $120 credit for books returned costing $80. June 3 V Inventory Accounts Payable Accounts Receivable Sales Revenue Debit 1.020 Credit 1.020
Transcribed Image Text:28 30 Journalize the transactions for the month of June for Ayayai Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 125.53.) Account Titles and Explanation Date June 1 Sold books on account to General Bookstore for $1,280. The cost of the merchandise sold was $710. Granted General Bookstore $120 credit for books returned costing $80. June 3 V Inventory Accounts Payable Accounts Receivable Sales Revenue Debit 1.020 Credit 1.020
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