Powell Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,760 (including freight) from Catlin Publishers, terms 4/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,750. The cost of the merchandise sold was $850. 6 Received $60 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 $1,750. The cost of the merchandise sold was $700. 20 Purchased books on account for $850 from Priceless Book Publishers, terms 3/15, 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 $1,950. The cost of the merchandise sold was $980. 30 Granted General Bookstore $140 credit for books returned costing $50. Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system. Date Account Titles and Explanation Debit Credit Choose a transaction date Enter an account title enter a debit amount enter a credit amount Enter an account title enter a debit amount enter a credit amount Choose a transaction date 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 credit sale) 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 goods sold) Choose a transaction date Enter an account title enter a debit amount enter a credit amount Enter an account title enter a debit amount enter a credit amount Choose a transaction date 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 Choose a transaction date Enter an account title enter a debit amount enter a credit amount Enter an account title enter a debit amount enter a credit amount Choose a transaction date 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 credit sale) 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 goods sold) Choose a transaction date Enter an account title enter a debit amount enter a credit amount Enter an account title enter a debit amount enter a credit amount 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 for journal entry on June 24 enter a credit amount for journal entry on June 24 Choose a transaction date 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 Choose a transaction date 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 credit sale) 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 goods sold) Choose a transaction date 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 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 goods returned)

Powell Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,760 (including freight) from Catlin Publishers, terms 4/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,750. The cost of the merchandise sold was $850. 6 Received $60 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 $1,750. The cost of the merchandise sold was $700. 20 Purchased books on account for $850 from Priceless Book Publishers, terms 3/15, 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 $1,950. The cost of the merchandise sold was $980. 30 Granted General Bookstore $140 credit for books returned costing $50. Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system. Date Account Titles and Explanation Debit Credit Choose a transaction date Enter an account title enter a debit amount enter a credit amount Enter an account title enter a debit amount enter a credit amount Choose a transaction date 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 credit sale) 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 goods sold) Choose a transaction date Enter an account title enter a debit amount enter a credit amount Enter an account title enter a debit amount enter a credit amount Choose a transaction date 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 Choose a transaction date Enter an account title enter a debit amount enter a credit amount Enter an account title enter a debit amount enter a credit amount Choose a transaction date 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 credit sale) 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 goods sold) Choose a transaction date Enter an account title enter a debit amount enter a credit amount Enter an account title enter a debit amount enter a credit amount 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 for journal entry on June 24 enter a credit amount for journal entry on June 24 Choose a transaction date 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 Choose a transaction date 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 credit sale) 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 goods sold) Choose a transaction date 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 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 goods returned)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

June 1		Purchased books on account for $1,760 (including freight) from Catlin Publishers, terms 4/10, n/30.
3		Sold books on account to Garfunkel Bookstore for $1,750. The cost of the merchandise sold was $850.
6		Received $60 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 $1,750. The cost of the merchandise sold was $700.
20		Purchased books on account for $850 from Priceless Book Publishers, terms 3/15, 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 $1,950. The cost of the merchandise sold was $980.
30		Granted General Bookstore $140 credit for books returned costing $50.

Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system.

Date	Account Titles and Explanation	Debit	Credit
Choose a transaction date	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
Choose a transaction date	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 credit sale)
	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 goods sold)
Choose a transaction date	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
Choose a transaction date	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
Choose a transaction date	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
Choose a transaction date	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 credit sale)
	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 goods sold)
Choose a transaction date	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
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 for journal entry on June 24	enter a credit amount for journal entry on June 24
Choose a transaction date	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
Choose a transaction date	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 credit sale)
	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 goods sold)
Choose a transaction date	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 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 goods returned)

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