Cullumber 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 1 C ✔ 3 6 9 15 17 20 24 26 Purchased books on account for $3,065 (including freight) from Catlin Publishers, terms 4/10, n/30. Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $850. Received $65 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 $1,750. The cost of the merchandise sold was $950. Purchased books on account for $900 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 $2,950. The cost of the merchandise sold was $920. Granted General Bookstore $240 credit for books returned costing $55. 28 30 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 all debit entries before credit entries.) Rain comine
Cullumber 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 1 C ✔ 3 6 9 15 17 20 24 26 Purchased books on account for $3,065 (including freight) from Catlin Publishers, terms 4/10, n/30. Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $850. Received $65 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 $1,750. The cost of the merchandise sold was $950. Purchased books on account for $900 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 $2,950. The cost of the merchandise sold was $920. Granted General Bookstore $240 credit for books returned costing $55. 28 30 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 all debit entries before credit entries.) Rain comine
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:-:
Date
◊
ان
Account Titles and Explanation
(To record sale of books on account)
(To record cost of books sold)
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Transcribed Image Text:0
A
7500 2n1
Cullumber 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 1
3
6
9
15
17
20
24
26
28
Purchased books on account for $3,065 (including freight) from Catlin Publishers, terms 4/10, n/30.
Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $850.
Received $65 credit for books returned to Catlin Publishers.
30
Paid Catlin Publishers in full.
Received payment in full from Garfunkel Bookstore.
Sold books on account to Bell Tower for $1,750. The cost of the merchandise sold was $950.
Purchased books on account for $900 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 $2,950. The cost of the merchandise sold was $920.
Granted General Bookstore $240 credit for books returned costing $55.
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 all debit entries before credit entries.)
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pg dr
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