60.1K

Verified Solution

Link Copied!

HI. KINDLY ANSWER THE ATTACHED QUESTIONS PLS.

PLS REFER TO THE NUMBER OF EMPTY BOXES FOR THE NUMBER OF ENTRIES PER DATE.

THERE ARE DATES THAT REQUIRE MORE THAN 2 ENTRIES (1 DEBIT AND 2 CREDITS OR 2 DEBITS AND 1 CREDIT)

THERE ARE ONLY 11 DATES IN THE PROBLEM BUT THE BOOK IS ASKING FOR 16 TRANSACTIONS.

KINDLY USE THE REGULAR TERMS IN ACCTG PLS. (ACCTS PAYABLE, ACCTS RECEIVABLE, SALES, INVENTORY ETC)

THANKS!

Ayayai Book Warehouse Ltd distributes hardcover books to retail store-. At the end of May Ayayaix inveritocyeonsists of 270 books purchased at 519 each. Ayayal uses a perpotual inventory systain. Return rates in the bock induntry are high, with Avayai experiencine a 15 returnrate hibtorically. Durine the month of June. the following merchundie transactions ecturred: June 1 Purchased 190 books on actount for $17 each trom Reader's World Publishers, terms n/45. 3. Sold 200 bools on account to The Book Nook for $25 each wief an assunned averige cost of 518, terim 245. 5 Received a $170 credit foe 10 books retarned to Revder's Worid Publichers. 8 Sold 86 books no account to Read.A.tot Bookstore foe $2.5 each with an assumed average caist of 518 ; terms m/45. 9 fssed a 5300 eredit memorandurn to Read. A Let Eookstore for the return of 12 damaged hooks. The bocks were determined to toe no longer saleable and were destreyed. 11. Purchased 130 books on occount for 514 each trom Read More Publishers, terms nes. 12. Recohved payment in full froin The Book Nook. 17. Received payment in full from Hresd A Lnt Eookstore. 22. Sold 125 books on account bo Reader s Eonkstere for $23 each with an assumed average cost of $18, terms n/45. 25 Granted Reader's flookstore a $322 credit for 14 returned bocks These books were restored to inventory

Answer & Explanation Solved by verified expert

See Answer