3 6 9 Pharoah Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, 1/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,490 (including freight) from Catlin Publishers, terms 2/10, 1/30. Sold books on account to Garfunkel Bookstore for $1,300. The cost of the merchandise sold was $900. Received $90 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkel Bookstore. Sold books on account to Bell Tower for $1,400, terms of 2/10, 1/30. The cost of the merchandise sold was $800. 20 Purchased books on account for $800 from Priceless Book Publishers, terms 2/15.1/30. Received payment in full, less discount from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $2.650. The cost of the merchandise sold was $850. 30 Granted General Bookstore $260 credit for books returned costing $90. 15 17 24 26 28 Dale Account Titles and Explanation Debit Credit (To record sale of books on account) (To record cost of books sold) >