Reference no: EM132780085
Question - Swifty Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred.
June 1 Purchased books on account for $1,545 from Catlin Publishers.
June 3 Sold books on account to Garfunkel Bookstore for $1,550. The cost of the merchandise sold was $700.
June 6 Received $45 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 $1,550. The cost of the merchandise sold was $800.
June 20 Purchased books on account for $700 from Priceless Book Publishers.
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 $1,550. The cost of the merchandise sold was $810.
June 30 Granted General Bookstore $170 credit for books returned costing $30.
Required - Prepare a tabular summary to record the transactions for the month of June for Swilty Warehouse using a perpetual inventoryr system.