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)
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 3EA: Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of...
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Question
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
|
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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