Cullumber 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 30 Purchased books on account for $2.160 (including freight) from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $800. Received $60 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkel Bookstore. Sold books on account to Bell Tower for $1,700. The cost of the merchandise sold was $950, Purchased books on account for $900 from Priceless Book Publishers, terms 2/15, n/30. Received payment in full from Bell Tower. Paid eless Book Publishers in full. Sold books on account to General Bookstore for $1,450. The cost of the merchandise sold was $910. Granted General Bookstore $260 credit for books returned costing $90. Journalize the transactions for the month of June for Cullumber 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. List oll debit entries before credit entries)
Cullumber 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 30 Purchased books on account for $2.160 (including freight) from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $800. Received $60 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkel Bookstore. Sold books on account to Bell Tower for $1,700. The cost of the merchandise sold was $950, Purchased books on account for $900 from Priceless Book Publishers, terms 2/15, n/30. Received payment in full from Bell Tower. Paid eless Book Publishers in full. Sold books on account to General Bookstore for $1,450. The cost of the merchandise sold was $910. Granted General Bookstore $260 credit for books returned costing $90. Journalize the transactions for the month of June for Cullumber 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. List oll debit entries before credit entries)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:**Cullumber Warehouse Transactions for June**
Cullumber Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During June, the following merchandising transactions occurred:
- **June 1**: Purchased books on account for $2,160 (including freight) from Catlin Publishers; terms 2/10, n/30.
- **June 3**: Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $800.
- **June 6**: Received a $60 credit for books returned to Catlin Publishers.
- **June 9**: Paid Catlin Publishers in full.
- **June 15**: Received payment in full from Garfunkel Bookstore.
- **June 17**: Sold books on account to Bell Tower for $1,700. The cost of the merchandise sold was $950.
- **June 20**: Purchased books on account for $900 from Priceless Book Publishers; terms 2/15, n/30.
- **June 24**: Received payment in full from Bell Tower.
- **June 26**: Paid Priceless Book Publishers in full.
- **June 28**: Sold books on account to General Bookstore for $1,450. The cost of the merchandise sold was $910.
- **June 30**: Granted General Bookstore a $260 credit for books returned due to a $90 cost.
**Instructions:**
Journalize the transactions for June for Cullumber 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 indented when amounts are entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.
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