Culver’s 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 Purchased books on account for $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. 20 Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,270. The cost of the merchandise sold was $840. 30 Granted General Bookstore $140 credit for books returned costing $80. Journalize the transactions for the month of June for Culver Warehouse using a perpetual inventory system.
Culver’s 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 Purchased books on account for $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. 20 Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,270. The cost of the merchandise sold was $840. 30 Granted General Bookstore $140 credit for books returned costing $80. Journalize the transactions for the month of June for Culver Warehouse using a perpetual inventory system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Culver’s 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 | Purchased books on account for $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. | |
| 3 | Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. | |
| 6 | Received $60 credit for books returned to Catlin Publishers. | |
| 9 | Paid Catlin Publishers in full. | |
| 15 | Received payment in full from Garfunkle Bookstore. | |
| 17 | Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. | |
| 20 | Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, n/30. | |
| 24 | Received payment in full from Bell Tower. | |
| 26 | Paid Priceless Book Publishers in full. | |
| 28 | Sold books on account to General Bookstore for $1,270. The cost of the merchandise sold was $840. | |
| 30 | Granted General Bookstore $140 credit for books returned costing $80. |
Journalize the transactions for the month of June for Culver Warehouse using a perpetual inventory system.
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