Crane 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 $1,280 (including freight) from Catlin Publishers, terms 2/10, n/30.3 Sold books on account to Garfunkel Bookstore for $1,400. The cost of the merchandise sold was $800.6 Received $80 credit for books returned to Catlin Publishers.9 Paid Catlin Publishers in full.15 Received payment in full from Garfunkel Bookstore.17 Sold books on account to Bell Tower for $1,100. The cost of the merchandise sold was $950.20 Purchased books on account for $800 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 $1,550. The cost of the merchandise sold was $800.30 Granted General Bookstore $200 credit for books returned costing $70.Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.)DateAccount Titles and ExplanationDebitCreditChoose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account titleenter a debit amountenter a credit amount Enter an account titleenter a debit amountenter a credit amount Enter an account title to record credit saleenter a debit amountenter a credit amount Enter an account title to record credit saleenter a debit amountenter a credit amount (To record sale of books on account) Enter an account title to record cost of goods soldenter a debit amountenter a credit amount Enter an account title to record cost of goods soldenter a debit amountenter a credit amount (To record cost of books sold) Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account titleenter a debit amountenter a credit amount Enter an account titleenter a debit amountenter a credit amount Enter an account titleenter a debit amountenter a credit amount Enter an account titleenter a debit amountenter a credit amount Enter an account titleenter a debit amountenter a credit amount Enter an account titleenter a debit amountenter a credit amount Enter an account titleenter a debit amountenter a credit amount Enter an account title to record credit saleenter a debit amountenter a credit amount Enter an account title to record credit saleenter a debit amountenter a credit amount (To record sale of books on account) Enter an account title to record cost of goods soldenter a debit amountenter a credit amount Enter an account title to record cost of goods soldenter a debit amountenter a credit amount (To record cost of merchandise sold) Enter an account titleenter a debit amountenter a credit amount Enter an account titleenter a debit amountenter a credit amount Enter an account titleenter a debit amount for journal entry on June 24enter a credit amount for journal entry on June 24 Enter an account titleenter a debit amount for journal entry on June 24enter a credit amount for journal entry on June 24 Enter an account titleenter a debit amount for journal entry on June 24enter a credit amount for journal entry on June 24 Enter an account titleenter a debit amountenter a credit amount Enter an account titleenter a debit amountenter a credit amount Enter an account titleenter a debit amountenter a credit amount Enter an account title to record credit saleenter a debit amountenter a credit amount Enter an account title to record credit saleenter a debit amountenter a credit amount (To record sale of books on account) Enter an account title to record cost of goods soldenter a debit amountenter a credit amount Enter an account title to record cost of goods soldenter a debit amountenter a credit amount (To record cost of books sold) Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30Enter an account title to record credit granted for returned goodsenter a debit amountenter a credit amount Enter an account title to record credit granted for returned goodsenter a debit amountenter a credit amount (To record credit granted to General Bookstore for returned goods) Enter an account title to record cost of goods returnedenter a debit amountenter a credit amount Enter an account title to record cost of goods returnedenter a debit amountenter a credit amount (To record cost of books returned)

Answered: Image /qna-images/answer/19aad17c-5de1-4c29-aa27-ce171e34772b.jpg

Answered: Journalize the transactions for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Crane 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 $1,280 (including freight) from Catlin Publishers, terms 2/10, n/30.
3		Sold books on account to Garfunkel Bookstore for $1,400. The cost of the merchandise sold was $800.
6		Received $80 credit for books returned to Catlin Publishers.
9		Paid Catlin Publishers in full.
15		Received payment in full from Garfunkel Bookstore.
17		Sold books on account to Bell Tower for $1,100. The cost of the merchandise sold was $950.
20		Purchased books on account for $800 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 $1,550. The cost of the merchandise sold was $800.
30		Granted General Bookstore $200 credit for books returned costing $70.

Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.)

Date	Account Titles and Explanation	Debit	Credit
Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	(To record sale of books on account)
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of books sold)
Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	(To record sale of books on account)
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of merchandise sold)
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount for journal entry on June 24	enter a credit amount for journal entry on June 24
	Enter an account title	enter a debit amount for journal entry on June 24	enter a credit amount for journal entry on June 24
	Enter an account title	enter a debit amount for journal entry on June 24	enter a credit amount for journal entry on June 24
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	(To record sale of books on account)
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of books sold)
Choose a transaction date June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30	Enter an account title to record credit granted for returned goods	enter a debit amount	enter a credit amount
	Enter an account title to record credit granted for returned goods	enter a debit amount	enter a credit amount
	(To record credit granted to General Bookstore for returned goods)
	Enter an account title to record cost of goods returned	enter a debit amount	enter a credit amount
	Enter an account title to record cost of goods returned	enter a debit amount	enter a credit amount
	(To record cost of books returned)

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.