Whispering Winds 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 $1.755 from Catlin Publishers. 3. Sold books on account to Garfunkel Bookstore for $1.550. The cost of the merchandise sold was $850. 6. Received $55 credit for books returhed to Catlin Publishers. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1.550. The cost of the merchandise sold was $850. 20 Purchased books on account for $850 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 $2.650. The cost of the merchandise sold was $950. 30 Granted General Bookstore $210 credit for books returned costing $30, Prepare a tabular summary to record the transactions for the month of June for Whispering Winds Warehouse using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negotive sign preceding the number eg 45 or parentheses e (45))
Whispering Winds 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 $1.755 from Catlin Publishers. 3. Sold books on account to Garfunkel Bookstore for $1.550. The cost of the merchandise sold was $850. 6. Received $55 credit for books returhed to Catlin Publishers. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1.550. The cost of the merchandise sold was $850. 20 Purchased books on account for $850 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 $2.650. The cost of the merchandise sold was $950. 30 Granted General Bookstore $210 credit for books returned costing $30, Prepare a tabular summary to record the transactions for the month of June for Whispering Winds Warehouse using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negotive sign preceding the number eg 45 or parentheses e (45))
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Whispering Winds 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 $1.755 from Catlin Publishers:
3
Sold books on account to Garfunkel Bookstore for $1.550. The cost of the merchandise sold was $850.
6
Received $55 credit for books returhed to Catlin Publishers.
Paid Catlin Publishers in full.
15
Received payment in full from Garfunkel Bookstore.
17
Sold books on account to Bell Tower for $1,550. The cost of the merchandise sold was $850.
Purchased books on account for $850 from Priceless Book Publishers.
20
24
Received payment in full from Bell Tower.
26
Paid Priceless Book Publishers in full.
28
Sold books on account to General Bookstore for $2,650. The cost of the merchandise sold was $950.
30
Granted General Bookstore $210 credit for books returned costing $30,
Prepare a tabular summary to record the transactions for the month of June for Whispering Winds Warehouse using a perpetual
inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative
sign preceding the number eg -45 or parentheses eg (45)
Transcribed Image Text:June
3
9.
15
17
20
24
26
28
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