(To record sale of books on account) Wildhorse Warehouse distributes hardback books to retail stores and extends credit terms of 4/10,n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,265 (including freight) from Catlin Publishers, terms 4/10,n/30. 3 Sold books on account to Garfunkel Bookstore for $1,400. The cost of the merchandise sold was $800. 6 Received $65 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 $1,000. The cost of the merchandise sold was $850. 20 Purchased books on account for $800 from Priceless Book Publishers, terms 3/15,n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $2,950. The cost of the merchandise sold was $830. 30. Granted General Bookstore $120 credit for books returned costing $60. Question 8 of 10 (To record sale of books on account) (To record cost of merchandise sold) Date Account Titles and Explanation Debit Credit (To record sale of books on account) (To record cost of books sold) (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)
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