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Journalize the transactions for the month of June

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Question - Sandhill's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Sandhill's inventory consisted of books purchased for $1,500. During June, the following merchandising transactions occurred.

June 3Sold books on account to Reading Rainbow for $2,100. The cost of the books sold was $1,600.15Received payment in full from Reading Rainbow.17Sold books on account to Rapp Books for $1,800. The cost of the books sold was $1,080.24Received payment in full from Rapp Books.28Sold books on account to Baeten Bookstore for $1,100. The cost of the books sold was $970.30Granted Baeten Bookstore $140 credit for books returned costing $84.

Journalize the transactions for the month of June for Sandhill's Book Warehouse using a perpetual inventory system.

Reference no: EM132587534

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