Business, 03.04.2020 04:31 engbarthcobie

Powell 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 $2,840 (including freight) from Catlin Publishers, terms 4/10, n/30.
June 3 Sold books on account to Garfunkel Bookstore for $1,050. The cost of the merchandise sold was $700.
June 6 Received $40 credit for books returned to Catlin Publishers.
June 9 Paid Catlin Publishers in full.
June 15 Received payment in full from Garfunkel Bookstore.
June 17 Sold books on account to Bell Tower for $1,050. The cost of the merchandise sold was $750.
June 20 Purchased books on account for $700 from Priceless Book Publishers, terms 2/15, n/30.
June 24 Received payment in full from Bell Tower.
June 26 Paid Priceless Book Publishers in full.
June 28 Sold books on account to General Bookstore for $2,600. The cost of the merchandise sold was $750.
June 30 Granted General Bookstore $260 credit for books returned costing $65.

Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system

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Answer from: dannyboy5911

Powell Warehouse Distributors

Perpetual Inventory System

Date Particulars Debit Credit

1 June Merchandise Inventory $ 2840

Accounts Payable (Catlin Publishers) $ 2840

Purchased books on account for $2,840 (including freight) from Catlin Publishers, terms 4/10, n/30

3 June Accounts Receivable (Garfunkel Bookstore) $1,050 Dr.

Sales $ 1050 Cr.

Sold books on account to Garfunkel Bookstore for $1,050

3 June Cost of Goods Sold $ 700 Dr.

Merchandise Inventory $ 700 Cr.

The cost of the merchandise sold was $700.

6 June Accounts Payable (Catlin Publishers) $ 40

Merchandise Inventory $ 40

Received $40 credit for books returned to Catlin Publishers.

9 June Accounts Payable (Catlin Publishers) $ 2800 Dr.

Merchandise Inventory $ 112 Cr.

Cash $ 2688 Cr.

4% discount availed in the first 10 days. 4% of $ 2800= $ 112

15 June Cash $ 1050 Dr.

Accounts Receivable (Garfunkel Bookstore) $1,050 Cr.

Received payment in full from Garfunkel Bookstore

17 June Accounts Receivable ( Bell Tower ) $1,050 Dr.

Sales $ 1050 Cr.

Sold books on account to Bell Tower for $1,050

17 June Cost of Goods Sold $ 750 Dr.

Merchandise Inventory $ 750 Cr.

The cost of the merchandise sold was $750.

June 20 Merchandise Inventory $ 700

Accounts Payable (Priceless Book Publishers) $ 700

Purchased books on account for $700 from Priceless Book Publishers, terms 2/15, n/30.

June 24 Cash $ 1050 Dr.

Accounts Receivable (Bell Towers) $1,050 Cr.

Received payment in full from Bell Tower.

June 26 Accounts Payable (Priceless Book Publishers) $ 700 Dr.

Merchandise Inventory $ 14 Cr.

Cash $ 686 Cr.

Paid Priceless Book Publishers in full. 2% discount in the first fifteen days.

June 28 Accounts Receivable (General Bookstore ) $ 26,00 Dr.

Sales $ 26,00 Cr.

Sold books on account to General Bookstore for $2,600.

June 28 Cost of Goods Sold $ 750 Dr.

Merchandise Inventory $ 750 Cr.

The cost of the merchandise sold was $750.

June 30 Sales $ 260 Dr.

Account Receivable $ 260 Cr.

June 30 Merchandise Inventory $ 65 Dr

Cost of Goods Sold $ 65 Cr

Granted General Bookstore $260 credit for books returned costing $65.

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Powell Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30...