Furray et Register ES CALCULATOR NEXT 6 PRINTER VERSION 4 RACK Your answer is partially correct. Try again. Novak's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, 1/30 to all of its customers. At the end of May, Novak's inventory consisted of books purchased for $1,900 During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,700 from Kline Publishers, FOB destination, terms 1/10, 1/30. The appropriate party also made a cash payment of $60 for the freight on this date 3 Sold books on account to Reading Rainbow for $2,900. The cost of the books sold was 51,040. Received $200 credit for books returned to Kline Publishers. Paid Kline Publishers in full, less discount 15 Received payment in full from Reading Rainbow 17 Sold books on account to Blanco Books for $1,500. The cost of the books sold was 5900 20 Purchased books on account for $1,500 from Ditablishers, Fos destination, terms 1/15, W30. The appropriate party also made a cash payment of 10 for the right on this date 24 Received payment inful from Blanco Books 26 Pald Dieta Publishers in less discount 20 Sold books on account to Reddy Bookstore for $1,300. The cost of the books sold was $750 30 Granted Reddy Bookstore $130 credit for books returned costing $70 Novak's Book Warehouse's chart of accounts includes the following No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No 412 Se Returns and Allowances, No. 414 Sales Discounts, and No Sos Cost of Goods sold Journalve the transactions for the month of June for Novak's Book Warehouse using a perpetual inventory system. (Credil account titles are automatically indested when amount is entered. Do not inden! manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 1 Inventory 1700 Accounts Payable 1700 Dune 3 Accounts Receivable 2900 Sales Revenue (To record credit sale) 2900 June 3 | Cost of Goods Sold 1840 Te to search 0 B! 11:24 PM E AV-of ENG