Culver's Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,060 from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. Received $60 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. Purchased books on account for $700 from Priceless Book Publishers, terms 1/15, n/30. Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1,270. The cost of the merchandise sold was $840. Granted General Bookstore $140 credit for books returned costing $80. Journalize the transactions for the month of June for Culver Warehouse using a perpetual inventory system. (Credit account titles are

Culver's Warehouse distributes hardback books to retail stores and extends credit terms of 2/10,n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,060 from Catlin Publishers, terms 2/10,n/30. 3 Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. 6 Received $60 credlit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in fult. 15 Received payment in full from Gartunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. 20 Purchased books on account for $700 from Priceless Book Publishers, terms 1/15,n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Beokstore for $1,270. The cost of the merchandise sold was $840. 30 Granted General Bookstore $140 credit for books returned costing $80 Question 3 of 4 Date Account Titles and Explanation Debit Credit June 1 June 3 (To record credit sale) June 3 (To recond cost of merchandise sold) June 6