Reference no: EM132857092
Question - Gwen Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.
June 1 Purchased books on account for $970 from Hector purblisher, terms 2/10, n/30.
June 3 Sold books on account to Philip stationery store for $1,260. The cost of the books sold was $660.
June 6 Received $70 credit for books returned to Hector Publishers.
June 9 Paid Hector Publishers in full.
June 15 Received payment in full from Philip stationery store.
June 17 Sold books on account to Dee Taylor for $1,200. The cost of the merchandise sold was $710.
June 20 Purchased books on account for $690 from Otis Book Publishers, terms 1/15, n/30.
June 24 Received payment in full from Dee Taylor.
June 26 Paid Otis Book Publishers in full.
June 28 Sold books on account to public library for $1,220. The cost of the merchandise sold was $700.
June 30 Granted public library $120 credit for books returned costing $80.
Required - Journalize the transactions for the month of June for Gwen Warehouse using a perpetual inventory system.