hayes warehouse distributes hardback books to retail stores and extends credit terms 533583

Hayes 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 books on account for $1,040 (including freight) from Brooks Publishers, terms 2/10, n/30.

3 Sold books on account to the Mission Viejo bookstore for $1,200. The cost of the merchandise sold was $720.

6 Received $40 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 $1,200. The cost of the merchandise sold was $730.

20 Purchased books on account for $720 from Cook Book Publishers, terms 1/15, n/30.

24 Received payment in full from Book Nook.

26 Paid Cook Book Publishers in full.

28 Sold books on account to New Town Bookstore for $1,300. The cost of the merchandise sold was $780.

30 Granted New Town Bookstore $130 credit for books returned costing $80.

Instructions

Journalize the transactions for the month of June for Hayes Warehouse, using a perpetual inventory system.