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Week 4: Homework
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Sheridan 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 $2,845 (including freight) from Catlin Publishers, terms 2/10, n/30.
3
Sold books on account to Garfunkel Bookstore for $900. The cost of the merchandise sold was $800.
6
Received $45 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 $1,400. The cost of the merchandise sold was $850.
20
Purchased books on account for $700 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 $1,700. The cost of the merchandise sold was $770.
30
Granted General Bookstore $210 credit for books returned costing $30.
Journalize the transactions for the month of June for Sheridan Warehouse, using a perpetual inventory system. ((IIff nnoo
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Date
Account Titles and Explanation
Debit
Credit
(To record sale of books on account)
(To record cost of books sold)
(To record sale of books on account)
(To record cost of merchandise sold)
(To record sale of books on account)
(To record cost of books sold)
(To record credit granted to General Bookstore
for returned goods)
(To record cost of books returned)
eTextbook and Media
List of Accounts
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