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6 6 9 Martinez Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June. the
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6 9 Martinez Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June. the following merchandising transactions occurred. June 1 Purchased books on account for $1,940 from Catlin Publishers 3 Sold books on account to Garfunkel Bookstore for $1.450. The cost of the merchandise sold was $800. Received $40 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 $1.450. The cost of the merchandise sold was $950. Purchased books on account for $400 from Priceless Book Publishers. Received payment in till from Bell Tower. Paid Priceless Book Publishers in full Sold books on account to General Bookstore for $1,600, The cost of the merchandise sold was $890. Granted General Bookstore $100 credit for books returned costing $90 15 17 20 24 26 28 30 Prepare a tabular summary to record the transactions for the month of June for Martinez Warehouse using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number es. 45 or parentheses e.8 (45).) Assets Liabilitiet Cash Accts, Rec Inv. Accts. Pas June 1 $ 3 Cash Accts. Rec. Inv. Acets. Par June 1 $ 3 15 17 20 24 26 28 30 Step by Step Solution
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