Using a perpetual inventory system

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Reference no: EM131207998

McCoy Warehouse distributes hardback books to retail stores and extends credit terms of 3/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,300 (including freight) from Carlin Publishers, terms 3/10, n/30. 3 Sold books on account to the Goldschmidt bookstore for $2,190. The cost of the merchandise sold was $960. 6 Received $80 credit for books returned to Carlin Publishers. 9 Paid Carlin Publishers in full. 15 Received payment in full from the Goldschmidt bookstore. 17 Sold books on account to Town Crier for $2,190. The cost of the merchandise sold was $750. 20 Purchased books on account for $960 from Good Book Publishers, terms 2/15, n/30. 24 Received payment in full from Town Crier. 26 Paid Good Book Publishers in full. 28 Sold books on account to Emporia Bookstore for $1,600. The cost of the merchandise sold was $930. 30 Granted Emporia Bookstore $220 credit for books returned costing $50. Journalize the transactions for the month of June for McCoy Warehouse, using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places e.g. 15,222.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record credit sale) June 24 (To record credit sale) (To record credit granted for returned goods)

Reference no: EM131207998

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