2 Your answer I: partial\'r correct. Thy agan. Kern\'s Book w chousc distributos

Question

2 Your answer I: partial'r correct. Thy agan. Kern's Book w chousc distributos h cover boo s tc ret l atacand e c ds croclt terms o 1/10 n 30 to al o itcusto m0% At the end or May Kom: Invertorr co sistcd of Docks purer 2000 or s2.200. During June the folc ing merchandising transactions occurred June 2 Rrd sec books on ccount for S1,900 from Birsted Publishers, FOB destination, terms 2/10, r/30. The approprate party also made c2sh payment cf $50 for the freight on this date Racelved $100 credit or bocks retumed to eincfeld Pubishers. 5 Rcdved paymant In tull from Reading Ralnbo. 1/ Suld books on suunt Rdpp Uwks fr 52.40U tht tust the books sold ws, $1,440. 20 putased books on account for s2,400 tram McGin pubilhers, FOB destination, term; L/15, nr.30. The appropriate party al" madecash payment or sGD tor the traight on this date. 24 Received payment in full from Repp Sooks 26 Paid Nonn Rublichera in ll, ledscount 28 sold books on account to Bsetan Bokstors for 1,20C. The cost of the Dock sold w2 $970. Kern's Bcok Warehouse's chat of accounts indludes the follwing: No. 101 Cah, No. 112 Accounts Receiveable,No. 120 Inventcry, No. 201 Accounts Payable, No. 401 Sales Reveue, No. 412 Seles Returns and Allomances, No. 414 Sales Discounts, and No. 305 Cost of Gcods nat Mm..nt Titles ad falilanation List Of Accounts Problem 5 1A Acoumulatad Dapreciation-Equipment Adverticing Expenss Cot of Goods Scld Deprecistion Exens2 To record cstof merchandze sold Interast Payable Lozs on Di oant Aczet Maintenance and Repairs Epensc Notes Payable Opersting Experses Property Taes Payabla Purchase Discounts urcha Returns and Allonances alries and Wags Expense Salaries and Wages Peyable Sales Cummissions Expense od recit sele) Sales Ciscaunts Suppies Suppis epensa Uncamed Sevie Ravanue utildc: Expcnsc To racord coat or merchandise sad) To record cof merchandzereturned

Explanation / Answer

Jun-06 Account Payable 100 Inventory 100 Jun-09 Account Payable (1900-100) 1800 Inventory (1800*2%) 36 Cash 1764 Jun-24 Cash 2376 sales Discount 2400*1% 24 Account receivable 2400 Jun-26 Account Payable (1900-100) 2400 Inventory (2400*1%) 24 Cash 2376 Jun-28 Account Receivable 1200 sales 1200 Jun-30 Sales return and Allowance 150 Account Receivable 150 Jun-30 Inventory 90 Cost of goods sold 90

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