Cullumber's Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,300 from Binsfeld Publishers, terms 2/10, n/30. 3 Sold books on account to Reading Rainbow for $2,800. The cost of the books sold was $1,800. Received $200 credit for books returned to Binsfeld Publishers. Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,500. The cost of the merchandise sold was $1,500. 20 Purchased books on account for $2,500 from McGinn Publishers, terms 1/15, n/30. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in fulI. 28 Sold books on account to Baeten Bookstore for $1,200. The cost of the merchandise sold was $970. 30 Granted Baeten Bookstore $170 credit for books returned costing $102. Journalize the transactions for the month of June for Cullumber's Book Warehouse using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Cullumber's Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,300 from Binsfeld Publishers, terms 2/10, n/30. 3 Sold books on account to Reading Rainbow for $2,800. The cost of the books sold was $1,800. Received $200 credit for books returned to Binsfeld Publishers. Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,500. The cost of the merchandise sold was $1,500. 20 Purchased books on account for $2,500 from McGinn Publishers, terms 1/15, n/30. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in fulI. 28 Sold books on account to Baeten Bookstore for $1,200. The cost of the merchandise sold was $970. 30 Granted Baeten Bookstore $170 credit for books returned costing $102. Journalize the transactions for the month of June for Cullumber's Book Warehouse using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. 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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Transcribed Image Text:**Cullumber’s Book Warehouse Transactions for June**
Cullumber’s Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred:
- **June 1:** Purchased books on account for $1,300 from Binsfeld Publishers, terms 2/10, n/30.
- **June 3:** Sold books on account to Reading Rainbow for $2,800. The cost of the books sold was $1,800.
- **June 6:** Received $200 credit for books returned to Binsfeld Publishers.
- **June 9:** Paid Binsfeld Publishers in full.
- **June 15:** Received payment in full from Reading Rainbow.
- **June 17:** Sold books on account to Rapp Books for $2,500. The cost of the merchandise sold was $1,500.
- **June 20:** Purchased books on account for $2,500 from McGinn Publishers, terms 1/15, n/30.
- **June 24:** Received payment in full from Rapp Books.
- **June 26:** Paid McGinn Publishers in full.
- **June 28:** Sold books on account to Baeten Bookstore for $1,200. The cost of the merchandise sold was $970.
- **June 30:** Granted Baeten Bookstore $170 credit for books returned costing $102.
**Instructions for Journalizing:**
Journalize the transactions for the month of June for Cullumber’s Book Warehouse using a perpetual inventory system. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.
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