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PS-1A lournglize purchose and soles transoctions under a perpetuol inventory system Poweli's Warehouse distributes hardcover books to retail stores and extend credit terms of 2/10,n/30
PS-1A lournglize purchose and soles transoctions under a perpetuol inventory system Poweli's Warehouse distributes hardcover books to retail stores and extend credit terms of 2/10,n/30 to all of its customers: During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,040 from Catlin Publishers, terms 2/10,n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 3 Sold books on account to Garfunkle Bookstore for $1,200. The cost of the books sold was $720. Received $40 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $730. Purchased books on account for $800 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 books sold was $780. Granted General Bookstore $130 credit for books returned costing $80. Instructions Journalize the transactions for the month of June for Powell's Warehouse using a perpetual inventory system. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a
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