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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 $ 1,280 including freight) from Catlin Publishers, terms 2/10, n/303 Sold backing amount to Garfunkel Bookstore for 1,100. The cost of the merchandise sold was $8006 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 $1,100. The cost of the merchandise sold was $95020 Purchased books on account for $800 from Priceless Book Publishers, terms n/30.24 Received payment in full from Bell Tower26 Paid Priceless Book Publishers in full28 Sold books on account to General Bookstore for $1,550. The cost of the merchandise sold was $800.30 Garfunkle General Bookstore $200 credit for books returned costing $70.Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system.(Record journal entries in the order presented in the problem. Round answers to 0 decimal places e.g.: 15,222.)

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Answer:

Powell Warehouse

General Journal

June 1:

Debit Inventory $1,280

Credit Accounts Payable (Catlin Publishers) $1,280

To record the purchase of books, terms 2/10, n/30.

June 3:

Debit Accounts Receivable (Garfunkel Bookstore) $1,100

Credit Sales Revenue $1,100

To record the sale of books on trade terms.

Debit Cost of Goods Sold $800

Credit Inventory $800

To record the cost of goods sold under the perpetual inventory system.

June 6:

Debit Accounts Payable (Catlin Publishers) $80

Credit Inventory $80

To record the credit received for books returned.

June 9:

Debit Accounts Payable (Catlin Publishers) $1,200

Credit Cash Discount $24

Credit Cash Account $1,176

To record the payment on account.

June 15:

Debit Cash Account $1,100

Credit Accounts Receivable $1,100

To record the receipt of payment in full settlement.

June 17:

Debit Accounts Receivable (Bell Tower) $1,100

Credit Sales Revenue $1,100

To record the sale of books on account.

Debit Cost of Goods Sold $950

Credit Inventory $950

To record the cost of goods sold under the perpetual inventory system.

June 20:

Debit Inventory $800

Credit Accounts Payable (Priceless Book Publishers) $800

To record the purchase of books on account, terms n/30.

June 24:

Debit Cash Account $1,078

Debit Cash Discount $22

Credit Accounts Receivable (Bell Tower) $1,100

To record the receipt of payment on account.

June 26:

Debit Accounts Payable (Priceless Book Publishers) $800

Credit Cash Account $800

To record payment on account.

June 28:

Debit Accounts Receivable (General Bookstore) $1,550

Credit Sales Revenue $1,550

To record the sale of books on account.

Debit Cost of Goods Sold $800

Credit Inventory $800

To record the cost of goods sold under the perpetual inventory system.

June 30:

Debit Sales (Returns) $200

Credit Accounts Receivable (General Bookstore) $200

To record the return of books on account.

Debit Inventory $70

Credit Cost of Goods Sold $70

To record the return of books.

Explanation:

Journal entries are the initial records made in the accounting system for business transactions.  They show the accounts affected by each transaction.  Two or more accounts are usually affected.  One account receives value and is debited and the other gives value, and it is credited.

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