Paste 40 For BIU a. Av $ % *88-28 Cell Styles 105 x fx E F Journalize purchase and sales transactions under a perpetual and periodic inventory system Kern's Book Warehouse distributes hardcover books to retail stores and extend credit terms of 2/10, n/30 to all of its customers. At the end of May, Kern's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred. B C D G H June 1Purchased books on account for $3,500 from Binsfield Publishers, FOB destination, terms 2/10,n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 3 Received $200 credit for books returned to Binsfield Publishers. 6 Sold books on account to Reading Rainbow for $2,500. The cost of the books sold was $1,440. 9 Paid Binsfield Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $1,800. The cost of the books sold was $1,080. 20 Purchased books on account for $1,800 from McGinn Publishers, FOB destination, terms 2/15,n/30. The appropriate party also made a cash payment of $60 for the freight on this date. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full, less discount. 28 Sold books on account to Baeton Bookstore for $1,600. The cost of the books sold was $970. 30 Granted Baeton Bookstore $120 credit for books returned costing $72. Kern'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. Instructions (a) Journalize the transactions for the month of June for Kern's Book Warehouse using a perpetual inventory system. Value 66 pts. (b) Journalize the transactions for the month of June for Kern's Book Warehouse using a periodic inventory system. Value 66 pts. Chapter 5 + Ready