Goldenrod 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 $960 (including freight) from Barnum Publishers, terms 2/10, n/30.

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

6 Received $60 credit for books returned to Barnum Publishers.

9 Paid Barnum Publishers in full.

15 Received payment in full from the Flint Hills bookstore.

17 Sold books on account to Town Crier Bookstore for $1,400. The cost of the merchandise sold was $840.

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

24 Received payment in full from Town Crier Bookstore.

26 Paid Good Book Publishers in full.

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

30 Granted HomeTown Bookstore $150 credit for books returned costing $90.

Instructions

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