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W horse Warehouse distributes hardback books to retail stores and extends credit terms of 4/10./30 to...

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W horse Warehouse distributes hardback books to retail stores and extends credit terms of 4/10./30 to all of its customers. D
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W horse Warehouse distributes hardback books to retail stores and extends credit terms of 4/10./30 to all of its customers. During the month of the following merchandising transactions occurred June 1Purchased books on account for $1.940 Including freight) from Catlin Publishers, terms 4/10./30. 3 Sold books on account to Garfunkel Bookstore for $1.300. The cost of the merchandise sold was $800. 6 Received $40 credit for books returned to Catlin Publishers 9 Paid Catlin Publishers in 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for 51450. The cost of the merchandise sold was $950. 20 Purchased books on account for 5000 from Priceless Book Publishers, terms 2/15,30 24 Received payment in full from Bell Tower 26 Pald Priceless Book Publishers in full. 28 Sok books on to General Bookstore for $1.00. The cost of the merchandise old was $490 30 Granted General Bookstore $100 credit for boreturned conting so.
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Answers

Wildhorse Warehouse
Journal entries
Date Account Debit Credit Calculation
1-Jun Inventory $        1,940
Accounts Payable $        1,940
3-Jun Accounts Receivable $        1,300
Sales $        1,300
3-Jun Cost of goods sold $           800
Inventory $           800
6-Jun Accounts Payable $              40
Inventory $              40
9-Jun Accounts Payable $        1,900 =1,940-40
Cash $        1,824
Inventory $              76 =1,900*4%
15-Jun Cash $        1,300
Accounts Receivable $        1,300
17-Jun Accounts Receivable $        1,450
Sales $        1,450
17-Jun Cost of goods sold $           950
Inventory $           950
20-Jun Inventory $           800
Accounts Payable $           800
24-Jun Cash $        1,392
Sales Discounts $              58 =1,450*4%
Accounts Receivable $        1,450
26-Jun Accounts Payable $           800
Cash $           784
Inventory $              16 =800*2%
28-Jun Accounts Receivable $        1,600
Sales $        1,600
28-Jun Cost of goods sold $           890
Inventory $           890
30-Jun Sales Returns & Allowances $           100
Accounts Receivable $           100
30-Jun Inventory $              90
Cost of goods sold $              90
.

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