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W Policies Trent Attempt in Progress Crane Warehouse distributes hardback books to retail stores and extends...

Question:

w Policies Trent Attempt in Progress Crane Warehouse distributes hardback books to retail stores and extends credit terms of
(To record sale of books on account) (To record cost of books sold) (To record credit granted to General Bookstore for return
(To record sale of books on account) (To record cost of merchandise sold) OR9 e a Type here to search TOSHIBA
(To record sale of books on account) (To record cost of books sold) Type here to search TOSHIBA
w Policies Trent Attempt in Progress Crane 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. Jurve 1 Purchased books on account for $1.280 (including freight) from Catlin Publishers, terms 2/10, 1/30. 3 Sold books on account to Garfunkel Bookstore for $1.400. The cost of the merchandise sold was $800. 6 Received $80 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1.100. The cost of the merchandise sold was $950. 20 Purchased books on account for 5800 from Priceless Book Publishers, terms 1/15,30 24 Received payment in full from Bell Tower 26 Pald Priceless Book Publishers in full 28 Sold books on account to General Bookstore for $1.550. The cost of the merchandise sold was $800. 30 Granted General Bookstore $200 credit for books returned costing $70. Journalize the transactions for the month of June for Crane Warehouse using a perpetual inventory system. no ency is required select No Entry for the accounts and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually Record journal entries in the order presented in the problem Debit Credit Date Account Titles and Explanation Type here to search TOSHIBA Ne HOME VG
(To record sale of books on account) (To record cost of books sold) (To record credit granted to General Bookstore for returned goods) (To record cost of books returned) Type here to search TOSHIBA
(To record sale of books on account) (To record cost of merchandise sold) OR9 e a Type here to search TOSHIBA
(To record sale of books on account) (To record cost of books sold) Type here to search TOSHIBA

Answers

Crane Warehouse
Journal entries
Date Account Debit Credit Calculation
1-Jun Inventory $        1,280
Accounts Payable $        1,280
3-Jun Accounts Receivable $        1,400
Sales $        1,400
3-Jun Cost of goods sold $           800
Inventory $           800
6-Jun Accounts Payable $              80
Inventory $              80
9-Jun Accounts Payable $        1,200 =1,280-80
Cash $        1,176
Inventory $              24 =1,200*2%
15-Jun Cash $        1,400
Accounts Receivable $        1,400
17-Jun Accounts Receivable $        1,100
Sales $        1,100
17-Jun Cost of goods sold $           950
Inventory $           950
20-Jun Inventory $           800
Accounts Payable $           800
24-Jun Cash $        1,078
Sales Discounts $              22 =1,100*2%
Accounts Receivable $        1,100
26-Jun Accounts Payable $           800
Cash $           792
Inventory $                8 =800*1%
28-Jun Accounts Receivable $        1,550
Sales $        1,550
28-Jun Cost of goods sold $           800
Inventory $           800
30-Jun Sales Returns & Allowances $           200
Accounts Receivable $           200
30-Jun Inventory $              70
Cost of goods sold $              70
.

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