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Collins Book Distributors distributes books to retail stores and extends credit terms of 2/10, n/30 to all its customers. During the month of June, the
Collins Book Distributors distributes books to retail stores and extends credit terms of 2/10, n/30 to all its customers. During the month of June, the following merchandising transactions occurred: June Purchased 170 books on account for $6 each from Alpha Publishers, terms 3/10, n/30. 1 6 Received $60 credit for 10 books returned to Alpha Publishers. 9 Paid Alpha Publishers for balance due. 17 Sold 140 books on account to Cozy Bookstore for $11 each. 24 Received payment in full from Cozy Bookstore. 28 Sold 10 books on account to Ivy Bookstore for $11 each. 30 Granted Ivy Bookstore $22 credit for 2 books returned total cost was $12. Journalize the transactions for the month of June for Collins Book Distributors, using a perpetual inventory system. Assume the purchase cost of each book sold was $6
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