Question

June 1 Purchased books on account for $1,155 (including freight) from Catlin Publishers, terms 4/10, 1/30. 3 Sold books on account to Garfunkel Bookstore for $1,000. The cost of the merchandise sold was $700. 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 $1,200. The cost of the merchandise sold was $900. 20 Purchased books on account for $700 from Priceless Book Publishers, terms 1/15, 130. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $2,500. The cost of the merchandise sold was $750. 30 Granted General Bookstore $150 credit for books returned costing $55. Journalize the transactions for the month of June for Pharoah Warehouse, using a perpetual inventory system. (no entry is required.se Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in Date Account Titles and Explanation Debit Credit June 14 Inventory 1.155 Accounts Payable June 3 Accounts Receivable Sales Revenue MacBook Air 30 # co

Answer 1

Answer:

Date	Account title and Explanation	Debit	Credit
June 1	Inventory	$1,155
	Accounts payable		$1,155
	[To record purchase of inventory on account]
June 3	Accounts receivable	$1,000
	Sales revenue		$1,000
	[To record credit sales]
	Cost of goods sold	$700
	Inventory		$700
	[To record cost of goods sold]
June 6	Accounts payable	$55
	Inventory		$55
	[To record purchase returns]
June 9	Accounts payable [1155-55]	$1,100
	Inventory [1100 x 4%]		$44
	Cash		$1,056
	[To record cash paid to creditors]
June 15	Cash	$1,000
	Accounts receivable		$1,000
	[To record collections from customers]
June 17	Accounts receivable	$1,200
	Sales revenue		$1,200
	[To record credit sales]
	Cost of goods sold	$900
	Inventory		$900
	[To record cost of goods sold]
June 20	Inventory	$700
	Accounts payable		$700
	[To record purchase of inventory on account]
June 24	Cash	$1,200
	Accounts receivable		$1,200
	[To record collections from customers]
June 26	Accounts payable	$700
	Inventory [700 x 1%]		$7
	Cash		$693
	[To record cash paid to creditors]
June 28	Accounts receivable	$2,500
	Sales revenue		$2,500
	[To record credit sales]
	Cost of goods sold	$750
	Inventory		$750
	[To record cost of goods sold]
June 30	Sales returns and allowance	$150
	Accounts receivable		$150
	[To record sales returns]
	Inventory	$55
	Cost of goods sold		$55
	[To record cost of sales returns]