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Concord Warehouse distributes hardback books to retail stores and extends credit

 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.

Mar 13 2020 View more View Less

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