Current Attempt in Progress Crane'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 $1,800 from Binsfeld Publishers, terms 2/10, n/30. 3 Sold books on account to Reading Rainbow for $3,000. The cost of the books sold was $1,500. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,400. The cost of the merchandise sold was $1,440. 222 20 Purchased books on account for $2,400 from McGinn Publishers, terms 1/15, n/30. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full. 28 30 220 Sold boo on account to Baeten Bookstore for $1,400. The cost of the merchandise sold was $970. Granted Baeten Bookstore $130 credit for books returned costing $78. Journalize the transactions for the month of June for Crane'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 O for the amounts.) Date June 1 V Account Titles and Explanation Inventory Accounts Payable June 3 Accounts Receivable Debit Credit 1,800 3,000 1,800
Current Attempt in Progress Crane'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 $1,800 from Binsfeld Publishers, terms 2/10, n/30. 3 Sold books on account to Reading Rainbow for $3,000. The cost of the books sold was $1,500. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,400. The cost of the merchandise sold was $1,440. 222 20 Purchased books on account for $2,400 from McGinn Publishers, terms 1/15, n/30. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full. 28 30 220 Sold boo on account to Baeten Bookstore for $1,400. The cost of the merchandise sold was $970. Granted Baeten Bookstore $130 credit for books returned costing $78. Journalize the transactions for the month of June for Crane'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 O for the amounts.) Date June 1 V Account Titles and Explanation Inventory Accounts Payable June 3 Accounts Receivable Debit Credit 1,800 3,000 1,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Crane'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 $1,800 from Binsfeld Publishers, terms 2/10, n/30.
3
Sold books on account to Reading Rainbow for $3,000. The cost of the books sold was $1,500.
6
Received $100 credit for books returned to Binsfeld Publishers.
9
Paid Binsfeld Publishers in full.
15
Received payment in full from Reading Rainbow.
17
Sold books on account to Rapp Books for $2,400. The cost of the merchandise sold was $1,440.
222
20
Purchased books on account for $2,400 from McGinn Publishers, terms 1/15, n/30.
24
Received payment in full from Rapp Books.
26
Paid McGinn Publishers in full.
28
30
220
Sold boo on account to Baeten Bookstore for $1,400. The cost of the merchandise sold was $970.
Granted Baeten Bookstore $130 credit for books returned costing $78.
Journalize the transactions for the month of June for Crane'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 O for the amounts.)
Date
June 1 V
Account Titles and Explanation
Inventory
Accounts Payable
June 3
Accounts Receivable
Debit
Credit
1,800
3,000
1,800
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