Reference no: EM133104266
Question - Cullumber 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 $2,160 (including freight) from Catlin Publishers, terms 2/10, n/30.
June 3 Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $800.
June 6 Received $60 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 $1,700, terms of 2/10, n/30. The cost of the merchandise sold was $950.
June 20 Purchased books on account for $900 from Priceless Book Publishers, terms 2/15, n/30.
June 24 Received payment in full, less discount from Bell Tower.
June 26 Paid Priceless Book Publishers in full.
June 28 Sold books on account to General Bookstore for $1,450. The cost of the merchandise sold was $910.
June 30 Granted General Bookstore $260 credit for books returned costing $90.
Required - Journalize the transactions for the month of June for Cullumber Warehouse, using a perpetual inventory system.