Cullumber 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 $3,065 (including freight) from Catlin Publishers, terms 4/10, n/30.
3 Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $850.
6 Received $65 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, terms of 4/10, n/30. The cost of the merchandise sold was $950.
20 Purchased books on account for $900 from Priceless Book Publishers, terms 1/15, n/30.
24 Received payment in full, less discount from Bell Tower.
26 Paid Priceless Book Publishers in full.
28 Sold books on account to General Bookstore for $2,950. The cost of the merchandise sold was $920.
30 Granted General Bookstore $240 credit for books returned costing $55.
Required:
Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system.
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Cullumber Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/...
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