Bridgeport 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 1Purchased books on account for $ 1,280 from Catlin Publishers.3Sold books on account to Garfunkel Bookstore for $ 1,100. The cost of the merchandise sold was $ 800.6Received $ 80 credit for books returned to Catlin Publishers.Paid Catlin Publishers in full.15Received payment in full from Garfunkel Bookstore.17Sold books on account to Bell Tower for $ 1,100. The cost of the merchandise sold was $ 950.Purchased books on account for $ 800 from Priceless Book Publishers.24Received payment in full from Bell Tower.26Paid Priceless Book Publishers in full.28Sold books on account to General Bookstore for $ 1,550. The cost of the merchandise sold was $ 800.30Granted General Bookstore $ 200 credit for books returned costing $ 70.Prepare a tabular summary to record the transactions for the month of June for Bridgeport Warehouse using a perpetual inventorysystem. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative20

Journal means the book of prime entry where all entries are recorded in different pages. Ledger…

Bridgeport 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 $ 1,280 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $ 1,100. The cost of the merchandise sold was $ 800. 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 $ 1,100. The cost of the merchandise sold was $ 950. 20 Purchased books on account for $ 800 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in fulI. 28 Sold books on account to General Bookstore for $ 1,550. The cost of the merchandise sold was $ 800. 30 Granted General Bookstore $ 200 credit for books returned costing $ 70. Prepare a tabular summary to record the transactions for the month of June for Bridgeport Warehouse using a perpetual inventory system Include margin explanations for the changes in revenues and expenses (Enter negative amounts using either a negative

Bridgeport 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 $ 1,280 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $ 1,100. The cost of the merchandise sold was $ 800. 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 $ 1,100. The cost of the merchandise sold was $ 950. 20 Purchased books on account for $ 800 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in fulI. 28 Sold books on account to General Bookstore for $ 1,550. The cost of the merchandise sold was $ 800. 30 Granted General Bookstore $ 200 credit for books returned costing $ 70. Prepare a tabular summary to record the transactions for the month of June for Bridgeport Warehouse using a perpetual inventory system Include margin explanations for the changes in revenues and expenses (Enter negative amounts using either a negative

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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