Question 20 Flounder Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,250 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $1,400. The cost of the merchandise sold was $75o. 6 Received $50 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 $1,400. The cost of the merchandise sold was $900. 20 Purchased books on account for $750 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $2,850. The cost of the merchandise sold was $750. 30 Granted General Bookstore $150 credit for books returned costing $45. Prepare a tabular summary to record the transactions for the month of June for Flounder Warehouse using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Question 20 Flounder Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,250 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $1,400. The cost of the merchandise sold was $75o. 6 Received $50 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 $1,400. The cost of the merchandise sold was $900. 20 Purchased books on account for $750 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $2,850. The cost of the merchandise sold was $750. 30 Granted General Bookstore $150 credit for books returned costing $45. Prepare a tabular summary to record the transactions for the month of June for Flounder Warehouse using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

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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