6.1 Powell 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. Checking totals: cash: 680 1-Jun Purchased books on account for $1,040 from Catlin Publishers. 3-Jun Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $720. 6-Jun Received $40 credit for books returned to Catlin Publishers. 9-Jun Paid Catlin Publishers in full. 15-Jun Received payment in full from Garfunkel Bookstore. 17-Jun Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $730. 20-Jun Purchased books on account for $720 from Priceless Book Publishers. 24-Jun Received payment in full from Bell Tower. 26-Jun Paid Priceless Book Publishers in full. 28-Jun Sold books on account to General Bookstore for $1,300. The cost of the merchandise sold was $780. 30-Jun Granted General Bookstore $130 credit for books returned costing $80. revenue: 3570 + Assets Accts. Rec. Liabilities Accts. Pay. Common Stock Stockholders' Equity Retained Earnings + Rev. Exp. Cash + + Inv. + June 1 3 6 9 15 17 20 24 26 28 30