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DAZZLE BOOK WAREHOUSE DISTRIBUTES HARDBACK BOOKS TO RETAIL STORES - JEs

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DAZZLE BOOK WAREHOUSE DISTRIBUTES HARDBACK BOOKS TO RETAIL STORES AND EXTENDS CREDIT TERMS OF 2/10, N/30 TO ALL OF ITS CUSTOMERS. AT THE END OF MAY, DAZZLE'S INVENTORY COSISTED OF 240 BOOKS PURCHASED AT $1200. DURING THE MONTH OF JUNE THE FOLLOWING MERCHANDISING TRANSACTIONS OCCURRED.

JUNE 1 PURCHASED 130 BOOKS ON ACCOUNT FOR $5 EACH FROM READER'S WORLD PIBLISHERS, FOB DESTINATION TERMS 1/10, N/30. THE APPROPRIATE PARTY ALSO MADE A CASH PAYMENT OF $50 FOR THE FREIGHT ON THIS DATE.

3 SOLD 140 BOOKS ON ACCOUNT TO THE BOOK NOOK FOR $10 EACH

6 RECEIVED $50 CREDIT FOR 10 BOOKS RETURNED READER'S WORLD PUBLISHERS

9 PAID REDER'S WORLD PUBLISHERS IN FULL. LESS DISCOUNT

15 RECEIVED PAYMENT IN FULL FROM BOOK NOOK

17 SOLD 120 BOOKS TO READ A LOT BOOKSTORE FOR $10 EACH

20 PURCHASED 120 BOOKS ON ACCOUNT FOR $5 EACH FROM READ MORE PUBLISHERS FOB DESTINATION TERMS 2/15, N/30. THE APPROPRIATE PARTY ALSO MADE A CASH PAYMENT OF $50 FOR THE FREIGHT ON THIS DATE

24 RECEIVED PAYMENT IN FULL FROM READ ALOT BOOKSTORE

26 PAID READ MORE PUBLISHERS IN FULL, LESS DISCOUNT

28 SOLD 110 BOOKS ON ACCOUNT TO READERS BOOKSTORE FOR $10 EACH

30 GRANTED READERS BOOKSTORE $150 CREDIT FOR 15 BOOKS RETURNED COSTING $75

DAZZLE BOOK WAREHOUSE'S CHART OF ACCOUNTS INCLUDES THE FOLLOWING NO. 101 CASH, NO 112 ACCOUNTS RECEIVABLE, NO 120 MERCHANDISE INVENTORY, NO 201 ACCOUNTS PAYABLE, NO 401 SALES, NO 412 SALES RETURNS AND ALLOWANCES, NO 414 SALES DISCOUNTS, NO 505 COST OF GOODS SOLD

JOURNALIZE THE TRANSACTIONS FOR THE MONTH OF JUNE FOR DAZZLE BOOK WAREHOUSE USING A PERPETUAL INVENTORY SYSTEM

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Solution Summary

Journal entries in debit/credit format.

Solution provided by:
Manal Elkhoshkhany, MBA
Education
  • BA, Ain Shams University, Cairo Egypt
  • MBA, California State University, Sacramento
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