50.1K

Verified Solution

Link Copied!

Oriole Warehouse distributes hardback books to retail stores andextends credit terms of 2/10, n/30 to all of its customers. Duringthe month of June, the following merchandising transactionsoccurred.

June 1		Purchased books on account for $1,165 (including freight) fromCatlin Publishers, terms 2/10, n/30.
3		Sold books on account to Garfunkel Bookstore for $1,200. Thecost of the merchandise sold was $750.
6		Received $65 credit for books returned to CatlinPublishers.
9		Paid Catlin Publishers in full.
15		Received payment in full from Garfunkel Bookstore.
17		Sold books on account to Bell Tower for $2,000. The cost of themerchandise sold was $900.
20		Purchased books on account for $900 from Priceless BookPublishers, terms 2/15, 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 $1,300. The costof the merchandise sold was $910.
30		Granted General Bookstore $270 credit for books returnedcosting $85.

Journalize the transactions for the month of June for OrioleWarehouse, using a perpetual inventory system. (If noentry is required, select "No Entry" for the account titles andenter 0 for the amounts. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. Recordjournal entries in the order presented in theproblem.)