Business
Business, 27.02.2020 21:48, kaylea88

Powell’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell’s inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred.

June 1 Purchased books on account for $1,700 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date.
3 Sold books on account to Reading Rainbow for $2,700. The cost of the books sold was $1,620.
6 Received $100 credit for books returned to Kline Publishers.
9 Paid Kline Publishers in full, less discount.
15 Received payment in full from Reading Rainbow.
17 Sold books on account to Blanco Books for $2,300. The cost of the books sold was $1,380.
20 Purchased books on account for $1,600 from Dietz Publishers, FOB destination, terms 1/15, n/30. The appropriate party also made a cash payment of $60 for the freight on this date.
24 Received payment in full from Blanco Books.
26 Paid Dietz Publishers in full, less discount.
28 Sold books on account to Reddy Bookstore for $1,100. The cost of the books sold was $660.
30 Granted Reddy Bookstore $170 credit for books returned costing $102.

Powell’s Book Warehouse’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.

Journalize the transactions for the month of June for Powell’s Book Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Thank you in advance

answer
Answers: 2

Other questions on the subject: Business

image
Business, 22.06.2019 09:50, shanedawson19
Is exploiting a distinctive competence or improving efficiency for competitive advantage. (a) cooptation (b) coalition (c) competitive intelligence (d) competitive aggression (e) smoothing
Answers: 1
image
Business, 22.06.2019 21:30, girlhooper4life11
Suppose that alexi and tony can sell all their street tacos for $2 each and all their cuban sandwiches for $7.25 each. if each of them worked 20 hours per week, how should they split their time between the production of street tacos and cuban sandwiches? what is their maximum joint revenue?
Answers: 3
image
Business, 22.06.2019 21:50, nakarelinp0p303
scenario: hawaii and south carolina are trading partners. hawaii has an absolute advantage in the production of both coffee and tea. the opportunity cost of producing 1 pound of tea in hawaii is 2 pounds of coffee, and the opportunity cost of producing 1 pound of tea in south carolina is 1/3 pound of coffee. which of the following statements is true? a. south carolina should specialize in the production of both tea and coffee. b. hawaii should specialize in the production of tea, whereas south carolina should specialize in the production of coffee. c. hawaii should specialize in the production of coffee, whereas south carolina should specialize in the production of tea. d. hawaii should specialize in the production of both tea and coffee.
Answers: 1
image
Business, 22.06.2019 22:20, arisworlld
With q7 assume the sweet company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. and for q 10,11,13,and 14,assume that the company use department predetermined overhead rates with machine-hours as the allocation bade in both departements.7. assume that sweeten company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. what selling price would the company have established for jobs p and q? what are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for job p and 30 units were produced for job q? (do not round intermediate calculations. round your final answers to nearest whole dollar.)total price for the job for job p -job q selling price per unit for job p q . how much manufacturing overhead was applied from the molding department to job p and how much was applied to job q? (do not round intermediate calculations.) job p job q manufacturing overhead applied for job p for job q . how much manufacturing overhead was applied from the fabrication department to job p and how much was applied to job q? (do not round intermediate calculations.)job p job q manufacturing overhead applied for job p for job q . if job q included 30 units, what was its unit product cost? (do not round intermediate calculations. round your final answer to nearest whole dollar.)14. assume that sweeten company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. what selling price would the company have established for jobs p and q? what are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for job p and 30 units were produced for job q? (do not round intermediate calculations. round your final answer to nearest whole dollar.)total price for the job p for job q selling price per unit for job p for job q
Answers: 1
Do you know the correct answer?
Powell’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/1...

Questions in other subjects:

Konu
Mathematics, 28.09.2020 01:01