Pauls 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, Pauls inventory consisted of 300 books purchased at $1,800. During the month of June the following merchandising transactions occurred. June 1 Purchased 200 books on account for $6 each from Logan 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 Sold 240 books on account to Reading Rainbow for $10 each. 6 Received $120 credit for 20 books returned to Logan Publishers. 9 Paid Logan Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold 180 books on account to Cheap Books for $10 each. 20 Purchased 250 books on account for $6 each from Phantom Publishers, FOB destination, terms 2/15, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 24 Received payment in full from Cheap Books. 26 Paid Phantom Publishers in full. 28 Sold 130 books on account to Willow Bookstore for $10 each. 30 Granted Willow Bookstore $120 credit for 12 books returned costing $72.