QUESTION # 2 Shahbaz Book Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Shahbaz's inventory consisted of No of books 405 Purchased cost $3,985 During the month of June the following merchandising transactions occurred: June 1 Purchased books from Aleem Publisher, FOB destination, terms 2/10, n/30. No of Books 315 Price per book $ 9.84 The appropriate party also made a cash payment for freight on this date. $50 June 3 Sold books on account to Reader-R-Us No of Books Selling Price per book $ 225 24.60 June 6 Received credit for books returned to Aleem Publishers. No of Books 20 Total Credit $196.80 June 9 Paid Aleem Publishers in full, less discount. June 15 Received payment in full from Readers-R-Us. June 17 Sold books on account to Bargain Books No of Books Selling Price per book 285 $24.60 June 20 Purchased books from Babar Publisher, FOB destination, terms 2/10, n/30. No of Books 225 Price per book $ 9.84 The appropriate party also made a cash payment for freight on this date. $50 June 24 Received payment in full from Bargain Books. June 26 Paid Babar Publishers in full, less discount. June 28 Sold books on account to Bargain Books No of Books Selling Price per book 225 $24.60 June 30 Granted credit for books returned by Bargain Books. No of Books 20 Cost of books $197 Total Credit $492 9.84 24.6 Shahbaz Book Warehouse's chart of accounts includes the following: 101 Cash 401 112 120 201 Accounts Receivable Merchandise Inventory Accounts Payable 412 414 505 Sales Sales Returns and Allowances Sales Discounts Cost of Goods Sold Instructions: Journalize the transactions for the month of June for Shahbaz Book Warehouse using a perpetual inventory system