Ivanhoe's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Ivanhoe's inventory consisted of books purchased for $1,900. During June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $1,600 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $40 for the freight on this date. Sold books on account to Reading Rainbow for $2,900. The cost of the books sold was $1,400. Received $150 credit for books returned to Binsfeld Publishers. Paid Binsfeld Publishers in full, less discount. Received payment in full from Reading Rainbow. Sold books on account to Rapp Books for $1,900. The cost of the books sold was $1,140. Purchased books on account for $1,900 from McGinn Publishers, FOB destination, terms 2/15, n/30. The appropriate party also made a cash payment of $40 for the freight on this date. Received payment in full from Rapp Books. Paid McGinn Publishers in full, less discount. Sold books on account to Baeten Bookstore for $1,500. The cost of the books sold was $970. Granted Baeten Bookstore $100 credit for books returned costing $60. 4 Ivanhoe'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 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Journalize the transactions for the month of June for Ivanhoe's Book Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Ivanhoe s 800k Warehoure districutes hardcover books to retailstores and extends credit term of 210,n30 to all of its customen. At the end of May. Wvanhoe s imentory consinted of books purchased tor $1,900. During June, the toslowirg merchandising transactions occurred Jine 1 Purchased books an atcount for $1.600 trom Binsteld Publihers, FOB destination, terms 2/10, n/30. The appropriate party alsemude a cashpayment of $40 for the freight on this date 3. Sold books on account to Reading Rainbow for $2,900. The cost of the books sold was $1,400 6. Received 5150 credit for books returned to Binsteld Publinhers 9 Paid Binsfeld Publuhers in full, less discount. 15. Received payment in full frem Reading Rainbow. 17. Sold bocks on account to Rapp Blooks for $1.900. The cost of the books soid was $1,140. 20 Purchated books on account for \$1,900 from MeGinn Publithers, FOD destination. terms 2/15. No0. The appropriate party alvo made a cash parment of 540 for the freight on this date 24 Received puyment in full from Rapp blooks 26 Pad McGinn Publithers in full tess diccount. 2. Sold books on account to Blaeten Bookstore for $1.500. The cost of the bocks sald was 5970 . 30 Granted fiaeten Dookmtore $100 credit tor books returned costing $60. ivarhoe x Elook Warehoune's chart of accounts includes the following No. 101Cash No, 112 Aceounts Aeceivable, No. 120 inventory No. 201 Accounts Payable No, 401 S3les Reverue, No. 4125 Sles Returw and Alewances, No. 4145 les Discounts, and Na. 505 Cost of Good Sold: Joumyize the transations for the month of June for Ivanhoe s Book Warehouse using a perpetual inventory systein, (Credit account titler are automaticaliy indented when amount is entered. Do not isdent manually. Recond journal entries in the order. presented in the probicel.)