I need an answer to this perpetual Inventory.
Between the Lines Warehouse distributes hardback 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.
June 1 Purchased 160 books on account for $5 each (including freight) from
El Libro Publishers, terms 2/10, n/30.
3 Sold 120 books on account to the Booked for Murder bookstore for $10 each.
6 Received $50 credit for 10 books returned to El Libro Publishers.
9 Paid El Libro Publishers in full.
15 Received payment in full from the Booked for Murder bookstore.
17 Sold 140 books on account to Curl Up N Read Bookstore for $10 each.
20 Purchased 120 books on account for $5 each from Good Book
Publishers, terms 1/15, n/30.
24 Received payment in full from Curl Up N Read Bookstore.
26 Paid Good Book Publishers in full.
28 Sold 130 books on account to HomeTown Bookstore for $10 each.
30 Granted HomeTown Bookstore $150 credit for 15 books returned
Costing $75.
Instructions
Journalize the transactions for the month of June for Between the Lines Warehouse, using a perpetual inventory system. Assume the cost of each book sold was $5.
