Question

some help with this

Kern’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Kern’s inventory consisted of books purchased for $2,300. During June, the following merchandising transactions occurred.

June 1		Purchased books on account for $2,200 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $60 for the freight on this date.
3		Sold books on account to Reading Rainbow for $2,000. The cost of the books sold was $1,800.
6		Received $100 credit for books returned to Binsfeld Publishers.
9		Paid Binsfeld Publishers in full, less discount.
15		Received payment in full from Reading Rainbow.
17		Sold books on account to Rapp Books for $2,100. The cost of the books sold was $1,260.
20		Purchased books on account for $2,100 from McGinn Publishers, FOB destination, terms 2/15, n/30. The appropriate party also made a cash payment of $60 for the freight on this date.
24		Received payment in full, less discount from Rapp Books.
26		Paid McGinn Publishers in full, less discount.
28		Sold books on account to Baeten Bookstore for $1,200. The cost of the books sold was $970.
30		Granted Baeten Bookstore $110 credit for books returned costing $66.

Kern's Book Warehouse's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.

Journalize the transactions for the month of June for Kern’s Book Warehouse using a perpetual inventory system.

Journalize the transactions for the month of June for Kern’s Book Warehouse using a perpetual inventory system.(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

Answer 1

	Date	Account titles & Explanations					Debit	Credit
	1-Jun	Merchandise inventory					2,200
		Accounts payable-		Binsfield publishers				2,200
	3-Jun	Accounts receivable		reading rainbow			2,000
		sales						2,000
		cost of goods sold					1,800
		Merchandise inventory						1,800
	6-Jun	Accounts payable-		Binsfield publishers			100
		Merchandise inventory						100
	9-Jun	Accounts payable-		Binsfield publishers			2,100
		Merchandise inventory						42
		cash						2058
	15-Jun	Cash					1960
		Sales discount					40
		Accounts receivable		reading rainbow				2,000
	17-Jun	Accounts receivable		Rapp Books			2,100
		sales						2,100
		cost of goods sold					1,260
		Merchandise inventory						1,260
	20-Jun	Merchandise inventory					2,100
		Accounts payable-		McGinn Publisher				2,100
	24-Jun	Cash		Rapp Books			2,100
		Sales discount						42
		Accounts receivable						2058
	26-Jun	Accounts payable-		McGinn Publisher			2,100
		Merchandise inventory						42
		cash						2058
	28-Jun	Accounts receivable		Baeten Bookstore			1,200
		sales						1,200
		cost of goods sold					970
		Merchandise inventory						970
	30-Jun	Sales return and allowance					110
		Accounts receivable						110
		Merchandise inventory					66
		cost of goods sold						66