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    astonebraker's Avatar
    astonebraker Posts: 4, Reputation: 1
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    #1

    Oct 4, 2012, 08:51 PM
    Immediate help needed with journalizing in accounting!!
    June 1 Purchased books on account for $2,150 (including freight) from Brooks Publishers, terms 2/10, n/30.
    3 Sold books on account to the Mission Viejo bookstore for $2,140. The cost of the merchandise sold was $880.
    6 Received $30 credit for books returned to Brooks Publishers.
    9 Paid Brooks Publishers in full.
    15 Received payment in full from the Mission Viejo bookstore.
    17 Sold books on account to Book Nook for $2,140. The cost of the merchandise sold was $720.
    20 Purchased books on account for $880 from Cook Book Publishers, terms 2/15, n/30.
    24 Received payment in full from Book Nook.
    26 Paid Cook Book Publishers in full.
    28 Sold books on account to NewTown Bookstore for $1,700. The cost of the merchandise sold was $770.
    30 Granted NewTown Bookstore $300 credit for books returned costing $80.


    I need June 6, 9, 15, 20, 24, and 26 journalized using the perpetual inventory system style. HELP!!
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Oct 4, 2012, 09:02 PM
    A we don't do style
    B we don't do model answers
    C try the exercise yourself
    Date account debit amount
    Account credit amount
    astonebraker's Avatar
    astonebraker Posts: 4, Reputation: 1
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    #3

    Oct 4, 2012, 09:05 PM
    I have done it multiple times myself and cannot get the right answer with a major test tomorrow. It is a practice question our teacher gave us so I needed some help.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #4

    Oct 4, 2012, 09:18 PM
    Quote Originally Posted by astonebraker View Post
    I have done it multiple times myself and cannot get the right answer with a major test tomorrow. It is a practice question our teacher gave us so I needed some help.
    What help do you need show us a problem show us your work
    astonebraker's Avatar
    astonebraker Posts: 4, Reputation: 1
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    #5

    Oct 4, 2012, 09:22 PM
    June 6: Received $30 credit for books returned to Brooks Publishers.
    June 9: Paid Brooks Publishers in full.
    June 15: Received payment in full from the Mission Viejo bookstore.
    June 20: Purchased books on account for $880 from Cook Book Publishers, terms 2/15, n/30.
    June 24: Received payment in full from Book Nook.
    June 26: Paid Cook Book Publishers in full.

    I need to journalize these entries. All of the information needed is in the original post but I just can't seem to get the entries correct for these ones.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #6

    Oct 4, 2012, 09:41 PM
    June 1 Purchased books on account for $2,150 (including freight) from Brooks Publishers, terms 2/10, n/30.

    1 debit Inventory 2150 credit Accounts Payable (Brooks) 2150

    3 Sold books on account to the Mission Viejo bookstore for $2,140. The cost of the merchandise sold was $880.
    3 credit Sales 2140 debit Accounts receivable (Mission) 2140
    Credit Inventory 880 debit cost of sales 880

    6 Received $30 credit for books returned to Brooks Publishers.

    6 debit Accounts payable $30 Credit Inventory

    9 Paid Brooks Publishers in full.
    9 debit Accounts Payable (Brooks) 2120 Credit Bank 2077.60 Credit Discounts Received $42.40


    I'll do these for you you do the rest
    The rule is you show us what you have done so we can see your error, not repeat the question; until you do that...

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