Suppose Indianriver.com sells 1,500 books on account for $19 each (cost of these books is $17,100), credit terms 3/15, n/30 on October 10, 2016, to The Textbook Store. One hundred of these books (cost $1,140) were damaged in shipment, so Indianriver.com later received the damaged goods from The Textbook Store as sales returns on October 13, 2016 The Textbook Store paid the balance to Indianriver.com on October 22, 2016 Requirements: 1. Journalize The Textbook Store's October 2016 transactions 2. Joumalize Indianriver.com's October 2016 transactions CATE Requirement 1. Journalize The Textbook Store's October 2016 transactions. (Record debits first, then credits. Exclude explanations from journal entries) Oct 10 Purchase of 1.500 books on account for $19 each (cost of these books is $17,100), credit terms 3/15, n/30 to The Textbook Store Date Accounts Debit Credit Oct 10

Suppose Indianriver.com sells 1,500 books on account for $19 each (cost of these books is $17,100), credit terms 3/15, n/30 on October 10, 2016, to The Textbook Store. One hundred of these books (cost $1,140) were damaged in shipment, so Indianriver.com later received the damaged goods from The Textbook Store as sales returns on October 13, 2016 The Textbook Store paid the balance to Indianriver.com on October 22, 2016 Requirements: 1. Journalize The Textbook Store's October 2016 transactions 2. Joumalize Indianriver.com's October 2016 transactions CATE Requirement 1. Journalize The Textbook Store's October 2016 transactions. (Record debits first, then credits. Exclude explanations from journal entries) Oct 10 Purchase of 1.500 books on account for $19 each (cost of these books is $17,100), credit terms 3/15, n/30 to The Textbook Store Date Accounts Debit Credit Oct 10

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 9EB: Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19...

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Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19 per gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer pays their account in full on July 24. On July 28, the customer discovers 17 gallons are the wrong color and returns the paint for a full cash refund. Blue Barns returns the gallons to their inventory at the original cost per gallon. Record the journal entries to recognize these transactions for Blue Barns.
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[The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $2,708, terms 2/10, n/38. May 3 Pays cash for freight costs of $140 on books purchased from Readers. May 5 Returns books with a cost of $250 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $3,400 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is requi transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record purchase of books on account from Readers Wholesale for $2,700, terms 2/10, n/30. Note: Enter debits before credits. Date May 02 General Journal Debit Credit