PS-1A kern's Book Warehouse distributes hardcover books to retail stores and extends Journalise purchase e credit terms of 2/10, 1/30 to all of its customers. At the end of May, Kern's inventory con- sales transactions sisted of books purchased for $1.800. During June, the following merchandising transac perpetual inventory sy tions occurred (LO 2, 3) June 1Purchased books on account for $1,600 from Binsfeld Publishers, FOB destination, terms 2/10, 1/30. The appropriate party also made a cash payment of $50 for the freight on this date. XLS 3 Sold books on account to Reading Rainbow for $2,500. The cost of the books sold was $1.440 Received S100 credit for books returned to Binsfeld Publishers 9 Paid Binsfeld 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 WAN $1,080 20 Purchased books on account for $1.800 from McGinn Publishers, FOB destination terms 2/15, 1:30. The appropriate parts also made a cash payment of $60 for the freight on this date Received payment in full from Rapp Books 26 Paid McGinn Publishers in full, less discount Sold books on account to Baeten Bookstore for $1,600. The cost of the books sold was 5970 30 Granted Baeten Bookstore 5120 credit for books returned costing $72. Kerns Book Warehouses chart of accounts includes the following No. 101 Cash, No. 112 Accounts Receivable No. 120 Inventory No. 201 Accounts Payable No. 401 Sales Reve nue. No 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold 24 Frustration Journaliste the transactions for the month of June to Kern Book Warehousing a per petund inventory system