Reference no: EM133154000
Question - Wildhorse's Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers During the month of June, the following merchandising transactions occurred.
June 1 Purchased books on account for $1,300 from Binsfeld Publishers, terms 2/10, n/30.
June 3 Sold books on account to Reading Rainbow for $2,000. The cost of the books sold was $1,400.
June 6 Received $150 credit for books returned to Binsfeld Publishers.
June 9 Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow.
June 17 Sold books on account to Rapp Books for $1,900. The cost of the merchandise sold was $1,140.
June 20 Purchased books on account for $1,900 from McGinn Publishers, terms 1/15, n/30.
June 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full.
June 28 Sold books on account to Baeten Bookstore for $1,400. The cost of the merchandise sold was $970.
June 30 Granted Baeten Bookstore $130 credit for books returned costing $78.
Required - Journalize the transactions for the month of June for Wildhorse's Book Warehouse using a perpetual inventory system.