McCoy Warehouse distributes hardback books to retail stores and extends credit terms of 3/10, n/30...
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Accounting
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 $2,690 (including freight) from Carlin Publishers, terms 3/10, n/30. 3 Sold books on account to the Goldschmidt bookstore for $2,110. The cost of the merchandise sold was $950. 6 Received $50 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 $2,110. The cost of the merchandise sold was $700. 20 Purchased books on account for $950 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 $1,200. The cost of the merchandise sold was $910. 30 Granted Emporia Bookstore $220 credit for books returned costing $90.
Journalize the transactions for the month of june for McCoy Warehouse, using a perpetual inventory system.
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