Chapter 5 Homework - PERPETUAL Powell's Book Warehouse sells hardcover books to clients and extend credit terms of 1/10, n/30 to all of its customers. They purchase books from vendors. During June, the following merchandising transactions occurred. Powell uses the perpetual inventory system. June 1 Purchased books on account for $1,300 from Kline Publishers, FOB destination, terms 1/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 3 Sold books on account to JR for $2,600. The cost of the books sold was $760. 6 Received $200 credit for books returned to Kline Publishers. 9 Paid Kline Publishers in full, less appropriate discount. 15 Received payment in full from JR. 17 Sold books on account to Blanco for $1,700. The cost of the books sold was $1,020. Purchased books on account for $1,100 from Dietz Publishers, FOB destination, terms 1/15, n/30. The appropriate party also 20 made a cash payment of $40 for the freight on this date. 24 Received payment in full from Blanco. 26 Paid Dietz Publishers in full, less appropriate discount.Sss 28 Sold books on account to Reddy for $1,400. The cost of the books sold was $950. Prepare journal entries for each transaction for POWELL