Current Attempt in Progress 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 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,060 from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. Received $60 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. Purchased books on account for $700 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 $1,270. The cost of the merchandise sold was $840. 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. (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
Current Attempt in Progress 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 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,060 from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. Received $60 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. Purchased books on account for $700 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 $1,270. The cost of the merchandise sold was $840. 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. (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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Date
June 1
June 3
June 6 V
June 9
June 15
June 17
June 20
June 24
June 26
June 28
Account Titles and Explanation
(To record credit sale)
(To record cost of merchandise sold)
(To record credit sale)
(To record cost of merchandise sold)
(To record credit sale)
Debit
Credit
Transcribed Image Text:Current Attempt in Progress
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
3
6
9
15
17
20
24
26
28
30
Purchased books on account for $1,060 from Catlin Publishers, terms 2/10, n/30.
Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760.
Received $60 credit for books returned to Catlin Publishers.
Paid Catlin Publishers in full.
Received payment in full from Garfunkle Bookstore.
Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770.
Purchased books on account for $700 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 $1,270. The cost of the merchandise sold was $840.
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. (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
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