Question

W NWP Asse. E CH 5 HW Question 14 of 14 - / 18 E View Policies Current Attempt in Progress Sheffield's Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, 1/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,040 (including freight) from Catlin Publishers, terms 2/10,n/30. 3 Sold books on account to Garfunkle Bookstore for $1,220. The cost of the books sold was $760, 6 Received $40 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $1,100. The cost of the merchandise sold was $660. Purchased books on account for $650 from Priceless Book Publishers, terms 1/15,n/30. 24 Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1,360. The cost of the merchandise sold was $720. Granted General Bookstore $130 credit for books returned costing $80. 9 15 А. 17 20 Ac 26 28 30 Q Ace Qu Acco Journalize the transactions for the month of June for Sheffield Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem. Round answers to 2 decimal places, e.g. 125.53.) Que ACCO Debit Credit Que Accou Date Account Titles and Explanation View

Answer 1

Date	Account Titles	Debit $	Credit $
June.1	Merchandise Inventory	1,040.00
	Accounts Payable		1,040.00
June.3	Accounts Receivable	1,220.00
	Sales		1,220.00
June.3	Cost of Goods Sold	760.00
	Merchandise Inventory		760.00
June.6	Accounts Payable	40.00
	Merchandise Inventory		228.00
June.9	Accounts Payable (1,040 - 40 )	1,000.00
	Cash		980.00
	Merchandise Inventory		20.00
	(1,000 x 2% )
June.15	Cash	1,220.00
	Accounts Receivable		1,220.00
June.17	Accounts Receivable	1,100.00
	Sales		1,100.00
June.17	Cost of Goods Sold	660.00
	Merchandise Inventory		660.00
June.20	Merchandise Inventory	650.00
	Accounts Payable		650.00
June.24	Cash	1,078.00
	Sales Discounts (1,100 x 2% )	22.00
	Accounts Receivable		1,100.00
June.26	Accounts Payable	650.00
	Cash		643.50
	Merchandise Inventory		6.50
	(650 x 1% )
June.28	Accounts Receivable	1,360.00
	Sales		1,360.00
June.28	Cost of Goods Sold	720.00
	Merchandise Inventory		720.00
June.30	Sales Return & Allowances	130.00
	Accounts Receivable		130.00
June.30	Merchandise Inventory	80.00
	Cost of Goods Sold		80.00