Travelers Warehouse distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of July the following merchandising transactions occurred.
|
July |
1 |
Purchased suitcases on account for $2,700 from Valise Manufacturers, |
|
3 |
Sold suitcases on account to The Emporium for $2,500. The cost of the |
|
|
9 |
Paid Valise Manufacturers in full. |
|
|
12 |
Received payment in full from The Emporium. |
|
|
17 |
Sold suitcases on account to Bon Voyage for $2,000. The cost of the merchandise |
|
|
18 |
Purchased suitcases on account for $1,800 (including freight) from Vektek |
|
|
20 |
Received $300 credit for suitcases returned to Vektek Manufacturers. |
|
|
21 |
Received payment in full from Bon Voyage. |
|
|
22 |
Sold suitcases on account to Run Around for $3,120. The cost of the merchandise |
|
|
30 |
Paid Vektek Manufacturers in full. |
|
|
31 |
Granted Run Around $260 credit for suitcases returned costing $150. |
Instructions
Journalize the transactions for the month of July for Travelers Warehouse, using a perpetual inventory system.