Concord Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred.
June 1 Purchased books on account for $1,165 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $2,000. The cost of the merchandise sold was $750. 6 Received $65 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 $2,000. The cost of the merchandise sold was $900. 20 Purchased books on account for $750 from Priceless Book Publishers. 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 $910. 30 Granted General Bookstore 5270 credit for books returned costing $85.
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