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Crane 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.

Crane 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 $2,180 (including freight) from Catlin Publishers, terms 4/10, n/30.
3   Sold books on account to Garfunkel Bookstore for $900. The cost of the merchandise sold was $700.
6   Received $80 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 $1,600. The cost of the merchandise sold was $950.
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 $1,800. The cost of the merchandise sold was $820.
30   Granted General Bookstore $300 credit for books returned costing $40.


Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date
Account Titles and Explanation
Debit
Credit
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 
enter a debit amount
 
enter a credit amount
 
 
Enter an account title
 
enter a debit amount
 
enter a credit amount
 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record credit sale
 
enter a debit amount
 
enter a credit amount
 
 
Enter an account title to record credit sale
 
enter a debit amount
 
enter a credit amount
 
  (To record sale of books on account)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record cost of goods sold
 
enter a debit amount
 
enter a credit amount
 
 
Enter an account title to record cost of goods sold
 
enter a debit amount
 

 
  (To record cost of books sold)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 
 

 
 
Enter an account title
 

 

 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 

 

 
 
Enter an account title
 

 

 
 
Enter an account title
 

 

 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 

 

 
 
Enter an account title
 

 

 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record credit sale
 

 

 
 
Enter an account title to record credit sale
 

 

 
  (To record sale of books on account)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record cost of goods sold
 

 

 
 
Enter an account title to record cost of goods sold
 

 

 
  (To record cost of merchandise sold)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 

 

 
 
Enter an account title
 

 

 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 
enter a debit amount for journal entry on June 24
 
enter a credit amount for journal entry on June 24
 
 
Enter an account title
 
enter a debit amount for journal entry on June 24
 
enter a credit amount for journal entry on June 24
 
 
Enter an account title
 
enter a debit amount for journal entry on June 24
 
enter a credit amount for journal entry on June 24
 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title
 

 

 
 
Enter an account title
 

 

 
 
Enter an account title
 

 

 
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record credit sale
 

 

 
 
Enter an account title to record credit sale
 

 

 
  (To record sale of books on account)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record cost of goods sold
 

 

 
 
Enter an account title to record cost of goods sold
 

 

 
  (To record cost of books sold)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record credit granted for returned goods
 
   
 
Enter an account title to record credit granted for returned goods
 

 

 
  (To record credit granted to General Bookstore for returned goods)    
Choose a transaction date
 June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
Enter an account title to record cost of goods returned
 

 

 
 
Enter an account title to record cost of goods returned
 

 

 

Sep 22 2020 Read more Less More

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