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Question: Powell 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. June 1 Purchased books on account for $1,040 (including freight) from Catlin Publishers, terms 2/10, n/30.

3 Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $720. 6 Received $40 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 $1,200. The cost of the merchandise sold was $730.

20 Purchased books on account for $720 from Priceless Book Publishers, terms 1/15, 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 cost of the merchandise sold was $780. 30 Granted General Bookstore $130 credit for books returned costing $80.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92655444

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