Reference no: EM132571749
Question - Swifty Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Swifty's inventory consists of 270 books purchased at $17 each. Swifty uses a perpetual inventory system.
During the month of June, the following merchandise transactions occurred:
June 1 Purchased 170 books on account for $15 each from Reader's World Publishers, terms n/45.
June 3 Sold 240 books on account to The Book Nook for $25 each, with an assumed average cost of $16, terms 2/10, n/45.
June 5 Received a $150 credit for 10 books returned to Reader's World Publishers.
June 8 Sold 80 books on account to Read-A-Lot Bookstore for $24 each, with an assumed average cost of $16, terms 2/10, n/45.
June 9 Issued a $312 credit memorandum to Read-A-Lot Bookstore for the return of 13 damaged books. The books were determined to be no longer saleable and were destroyed.11Purchased 130 books on account for $16 each from Read More Publishers, terms n/45.
June 12 Received payment in full from The Book Nook.
June 17 Received payment in full from Read-A-Lot Bookstore.22Sold 125 books on account to Reader's Bookstore for $26 each, with an assumed average cost of $16, terms 2/10, n/45.
June 25 Granted Reader's Bookstore a $416 credit for 16 returned books. These books were restored to inventory.
June 29 Paid Reader's World Publishers in full.
Required - Record the June transactions.
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