Chapter 6 pt.5

June 1 9 Grouper 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. Purchased books on account for $2.975 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $2.050. The cost of the merchandise sold was $700. Received $75 credit for books returned to Catlin Publishers Paid Catlin Publishers in full. Recelved payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $2.050. The cost of the merchandise sold was $800. Purchased books on account for $700 from Priceless Book Publishers, Received payment in full from Bell Tower. Paid Priceless Book Publishers in full Sold books on account to General Bookstore for $2,500, The cost of the merchandise sold was $860 Granted General Bookstore $130 credit for books returned costing $50. 15 20 24 26 28 30 Prepare a tabular summary to record the transactions for the month of June for Grouper 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 08, 45 or parentheses es. (45).) Assets Liat Cash Accts. Rec. Inv. Acc June 1 $ 3 Lial Assets Inv. Cash Accts. Rec. $ June $ 1 3 6 9 15 17 20 24 26 28 30 Liabilities Stockholders' Equity Retained Earnings Exp. Accts. Pay Common Stock Rev. $ $ Stockholders' Equity Retained Earnings Exp. Common Stock Rev. $ $ > > > > > > >