Crane Warehouse distributes hardback bo0oks to retail stores and extends credit terms of 4/10, n/30 to all of its customers, During the month of June, the following merchandising transactions occurred. June Purchased books on account for $2,180 (Including frelght) from Catlln Publishers, terms 4/10, n/30. 1 Sold books on account to Garfunkel Bookstore for $90O, The cost of the merchandise sold was $700. 6. Received $80 credit for books returned to Catlin Publishers. 9. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. Sold books on account to Bell Tower for $1,600, terms of 4/10, n/30. The cost of the merchandise sold was $950. 17 20 Purchased books on account for $800 from Priceless Book Publishers, terms 3/15, n/30. 24 Received payment in full, less discount from Bell Tower. 26 Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1,800. The cost of the merchandise sold was $820. Granted General Bookstore $300 credit for books returned costing $40. 28 30 Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem.)
Crane Warehouse distributes hardback bo0oks to retail stores and extends credit terms of 4/10, n/30 to all of its customers, During the month of June, the following merchandising transactions occurred. June Purchased books on account for $2,180 (Including frelght) from Catlln Publishers, terms 4/10, n/30. 1 Sold books on account to Garfunkel Bookstore for $90O, The cost of the merchandise sold was $700. 6. Received $80 credit for books returned to Catlin Publishers. 9. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. Sold books on account to Bell Tower for $1,600, terms of 4/10, n/30. The cost of the merchandise sold was $950. 17 20 Purchased books on account for $800 from Priceless Book Publishers, terms 3/15, n/30. 24 Received payment in full, less discount from Bell Tower. 26 Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1,800. The cost of the merchandise sold was $820. Granted General Bookstore $300 credit for books returned costing $40. 28 30 Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record Journal entries in the order presented in the problem.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Crane Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its
customers. During the month of June, the following merchandising transactions occurred.
June
Purchased books on account for $2,180 (including freight) from Catlin Publishers, terms 4/10, n/30.
3
Sold books on account to Garfunkel Bookstore for $900. The cost of the merchandise sold was $700.
6.
Received $80 credit for books returned to Catlin Publishers.
9.
Paid Catlin Publishers in full.
15
Received payment in full from Garfunkel Bookstore.
Sold books on account to Bell Tower for $1,600, terms of 4/10, n/30. The cost of the merchandise sold
17
was $950.
20
Purchased books on account for $800 from Priceless Book Publishers, terms 3/15, n/30.
24
Received payment in full, less discount from Bell Tower.
26
Paid Priceless Book Publishers in full.
28
Sold books on account to General Bookstore for $1,800. The cost of the merchandise sold was $820.
30
Granted General Bookstore $300 credit for books returned costing $40.
Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory system. (If no
entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically
journal entries in the order presented in the problem.)
nted when amount
ent
Do not indent manually. Record
Date
Account Titles and Explanation
Debit
(To record sale of books on account)
(To record cost of books sold)
(To record sale of books on account)
(To record cost of merchandise sold)
Transcribed Image Text:(To record sale of books on account)
(To record cost of merchandise sold)
(To record sale of books on account)
(To record cost of books sold)
(To record credit granted to General Bookstore
for returned goods)
(To record cost of books retumed)
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