60.1K

Verified Solution

Link Copied!

Maju Book Store distributes hardcover cover books to retail stores and extend credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. Date Transactions June 1 Purchased 400 books on account for RM6 each from Logan Publisher with credit terms 2/10, n/30 3 Sold 240 books for RM10 each to Reading Rainbow, on account. The cost of each book is RM6. 6 Returned 20 books to Logan Publisher, RM 6 each. This is due to wrong book title. Maju received credit of RM120 for this transaction. 9 Paid Logan Publisher in full, less discount 17 Sold 180 books for RM10 each to Cheap Book, on account. The cost of each book is RM6. 20 Received full payment from Reading Rainbow 25 Received payment from Cheap Book, less discount. 30 Sold 130 books at RM10 each to Willey Bookstore by cash. The cost of each book is RM6. The following are the opening balances for the following accounts: Merchandise inventory Cash Capital Logan Publisher RM 1,622 5,058 4,000 2,680 Required: a) Journalize the June's transactions by using perpetual inventory system. (12 marks) (CLO2:PLO7:04) b) Post to T-accounts and prepare a trial balance as at 30th June 2020. (13 marks) (CLO2:PL07:04) c) Prepare a Statement of Profit or Loss for the month ended 30th June 2020. (5 marks) (CLO2:PL07:04) (Round up your answer without any decimal place)

Answer & Explanation Solved by verified expert

See Answer