Reference no: EM131722506
PROBLEM - Philosophy distributes 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.
1-Jun Purchased books on account for $2,490 (including freight) from Celtic Publishers, terms 2/10, n/30.
3 Sold books on account to Confu Bookstore for $1,400. The cost of the merchandise sold was $900.
6 Received $90 credit for books returned to Celtic Publishers.
9 Paid Celtic Publishers in full.
15 Received payment in full from Confu Bookstore.
17 Sold books on account to Shinto for $1,400. The cost of the merchandise sold was $800.
20 Purchased books on account for $900 from Tao Publishers, terms 2/15, n/30.
24 Received payment in full from Shinto.
26 Paid Tao Publishers in full.
28 Sold books on account to Italo Bookstore for $2,650. The cost of the merchandise sold was $850.
30 Granted Italo Bookstore $260 credit for books returned costing $90.
a) Journalize the above transactions.
Attachment:- Assignment.rar