Business, 12.03.2021 15:10 babysitterwick

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. 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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