Swifty'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 Purchased books on account for $900 from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1.310. The cost of the books sold was $690. 6 Received $80 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $760. 20 Purchased books on account for $600 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 $1.320. The cost of the merchandise sold was $780. 30 Granted General Bookstore $140 credit for books returned costing $70. Journalize the transactions for the month of June for Swifty 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 O for the amounts. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit
Swifty'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 Purchased books on account for $900 from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1.310. The cost of the books sold was $690. 6 Received $80 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $760. 20 Purchased books on account for $600 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 $1.320. The cost of the merchandise sold was $780. 30 Granted General Bookstore $140 credit for books returned costing $70. Journalize the transactions for the month of June for Swifty 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 O for the amounts. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Swifty'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
Purchased books on account for $900 from Catlin Publishers, terms 2/10, n/30.
3
Sold books on account to Garfunkle Bookstore for $1.310. The cost of the books sold was $690.
6
Received $80 credit for books returned to Catlin Publishers.
9
Paid Catlin Publishers in full
15
Received payment in full from Garfunkle Bookstore.
17
Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $760.
20
Purchased books on account for $600 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 $1.320. The cost of the merchandise sold was $780.
30
Granted General Bookstore $140 credit for books returned costing $70.
Journalize the transactions for the month of June for Swifty 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
O for the amounts. Record journal entries in the order presented in the problem
Date
Account Titles and Explanation
Debit
Credit
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