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P5-ZA Journalize purchase and sale transactions under a perpetual system. (LO 2 3), AP Powell Warehouse distributes hardback books to retail stores and extends credit
P5-ZA Journalize purchase and sale transactions under a perpetual system. (LO 2 3), AP Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30to allof ts customers. During the month of lune,the followving merchandising transactions occurred. Purchased books on account for $1,040 (including freight) from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $720 Received S40 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkel Bookstore Sold books on account to Bell Tower for $1.200. The cost of the merchandise sold was $730. Purchased books on account for $720 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 $1.300. The cost of the merchandise sold was $780 Granted General Bookstore $130 credit for books returned costing $80. June 1 3 6 9 15 17 20 24 26 28 30 Instructions Journalize the transactions for the month of june for Powell Warehouse using a perpetual inventory system
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