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Blossom 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 $1,065 (including freight) from Catlin Publishers, terms 2/10, n/30.
3 Sold books on account to Garfunkel Bookstore for $1,500. The cost of the merchandise sold was $700.
6 Received $65 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 $1,900, terms of 2/10, n/30. The cost of the merchandise sold was $750.
20 Purchased books on account for $800 from Priceless Book Publishers, terms 1/15, 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 $1,250. The cost of the merchandise sold was $810.
30 Granted General Bookstore $270 credit for books returned costing $65.
Journalize the transactions for the month of June for Blossom 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.)

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anthougo

Journalizing the transactions for the month of June for Blossom Warehouse, using a perpetual inventory system is as follows:

Journal Entries:

June 1 Debit Inventory $1,065

Credit Accounts Payable (Catlin Publishers) $1,065

terms 2/10, n/30.

June 3 Debit Accounts Receivable (Garfunkel Bookstore) $1,500

Credit Sales Revenue $1,500

Debit Cost of goods sold $700

Credit Inventory $700

June 6 Debit Accounts Payable (Catlin Publishers) $65

Credit Inventory $65

June 9 Debit Accounts Payable (Catlin Publishers) $1,000

Credit Cash $980

Credit Cash Discounts $20

June 15 Debit Cash $1,470

Debit Cash Discounts $30

Credit Accounts Receivable (Garfunkel Bookstore) $1,500

June 17 Debit Accounts Receivable (Bell Tower) $1,900

Credit Sales Revenue $1,900

Debit Cost of goods sold $750

Credit Inventory $750

June 20 Debit Inventory $800

Credit Accounts Payable (Priceless Book Publishers) $800

terms 1/15, n/30.

June 24 Debit Cash $1,862

Debit Cash Discounts $38

Credit Accounts Receivable (Bell Tower) $1,900

June 26 Debit Accounts Payable (Priceless Book Publishers) $800

Credit Cash $792

Credit Cash Discounts $8

June 28 Debit Accounts Receivable (General Bookstore) $1,250

Credit Sales Revenue $1,250

Debit Cost of goods sold $810

Credit Inventory $810

June 30 Debit Sales Returns $270

Credit Accounts Receivable (General Bookstore) $270

Debit Inventory $65

Credit Cost of goods sold $65

Transaction Analysis:

Sales credit terms = 2/10, n/30

June 1 Inventory $1,065 Accounts Payable (Catlin Publishers) $1,065

terms 2/10, n/30.

June 3 Accounts Receivable (Garfunkel Bookstore) $1,500 Sales Revenue $1,500

Cost of goods sold $700 Inventory $700

June 6 Accounts Payable (Catlin Publishers) $65 Inventory $65

June 9 Accounts Payable (Catlin Publishers) $1,000 Cash $980 Cash Discounts $20

June 15 Cash $1,470 Cash Discounts $30 Accounts Receivable (Garfunkel Bookstore) $1,500

June 17 Accounts Receivable (Bell Tower) $1,900 Sales Revenue $1,900

Cost of goods sold $750 Inventory $750

June 20 Inventory $800 Accounts Payable (Priceless Book Publishers) $800

terms 1/15, n/30.

June 24 Cash $1,862 Cash Discounts $38 Accounts Receivable (Bell Tower) $1,900

June 26 Accounts Payable (Priceless Book Publishers) $800 Cash $792 Cash Discounts $8

June 28 Accounts Receivable (General Bookstore) $1,250 Sales Revenue $1,250

Cost of goods sold $810 Inventory $810

June 30 Sales Returns $270 Accounts Receivable (General Bookstore) $270

Inventory $65 Cost of goods sold $65

Learn more about journalizing transactions using a perpetual inventory system at https://brainly.com/question/16889346

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