Question

Carla Vista 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 $1,755 (including freight) from Catlin Publishers, terms 2/10, n/30.
3		Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $850.
6		Received $55 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 $1,550, terms of 2/10, n/30. The cost of the merchandise sold was $850.
20		Purchased books on account for $900 from Priceless Book Publishers, terms 3/15, n/30.
24		Received payment in full, less discount from Bell Tower.
26		Paid Priceless Book Publishers in full.
28		Sold books on account to General Bookstore for $2,650. The cost of the merchandise sold was $950.
30		Granted General Bookstore $210 credit for books returned costing $30.

Journalize the transactions for the month of June for Carla Vista Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

	Account Titles and Explanation	Debit	Credit
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	(To record sale of books on account)
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of books sold)
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	(To record sale of books on account)
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of merchandise sold)
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount for journal entry on June 24	enter a credit amount for journal entry on June 24
	Enter an account title	enter a debit amount for journal entry on June 24	enter a credit amount for journal entry on June 24
	Enter an account title	enter a debit amount for journal entry on June 24	enter a credit amount for journal entry on June 24
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	Enter an account title to record credit sale	enter a debit amount	enter a credit amount
	(To record sale of books on account)
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	Enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of books sold)
	Enter an account title to record credit granted for returned goods	enter a debit amount	enter a credit amount
	Enter an account title to record credit granted for returned goods	enter a debit amount	enter a credit amount
	(To record credit granted to General Bookstore for returned goods)
	Enter an account title to record cost of goods returned	enter a debit amount	enter a credit amount
	Enter an account title to record cost of goods returned	enter a debit amount	enter a credit amount
	(To record cost of books returned)

Answer 1

The transactions for the month of June for Carla Vista Warehouse, using a perpetual inventory system is as follows:

Date	Account and Explanation	Debit($)	Credit($)
June 1	Merchandise inventory	1,755
	Accounts payable		1,755
	(Recorded the purchase of merchandise inventory)
June 3	Accounts receivable	1,200
	Sales		1,200
	(Recorded the sales on credit)
June 3	Cost of Goods Sold	850
	Merchandise inventory		850
	(Recorded the cost of goods sold)
June 6	Accounts payable	55
	Merchandise inventory		55
	(Recorded the return of inventory)
June 9	Accounts payable ($1,755 - $55) *	1,700
	Cash		1,666
	Merchandise inventory ($1,755 - $55) * 2%		34
	(Recorded the payment to Accounts payable)
June 15	Cash	1,200
	Account Receivable		1,200
	(Recorded the cash from the account receivable)
June 17	Accounts receivable	1,550
	Sale		1,550
	(Recorded the Sales on credit)
June 17	Cost of goods sold	850
	Merchandise inventory		850
	(Recorded the cost of goods sold)
June 20	Merchandise inventory	900
	Accounts payable		900
	(Recorded the purchase of merchandise inventory)
June 24	Cash	1,550
	Sales discount ( $1,550 *2%)		31
	Account Receivable		1,519
	(Recorded the cash from account receivable)
June 26	Account Payable	900
	Cash ($900 * 3%)		27
	Merchandise inventory		873
	(Recorded the payment of Account Payable)
June 28	Accounts receivable	2,650
	Sale		2,650
	(Recorded the sale on credit)
June 28	Cost of goods sold	950
	Merchandise inventory		950
	(Recorded the Cost of goods sold)
June 30	Sales return and allowances	210
	Accounts receivable		210
	(Recorded the sales return and allowances)
June 30	Merchandise inventory	30
	Cost of goods sold		30
	(Recorded the Cost of goods sold)