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.)
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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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. Recordjournal 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.)
| 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
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