Question 7 Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred June 1 Purchased books on account for S2.575 (induding freight) fro Catin publishers' terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1.150. The cost of the merchendise sold was s900. 6 Received 575 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore 7 Sold books on account to Ball Tower for $1,150. Tha cost of the marchandise sold was $750 20 Purchasad books on account for $900 from Pricelass Book Publishers, tarms 3/15,n30. 24 26 Paid Pricelers Book Publishers in full. 28 Sold books on account to General Bookstore for S1.900. The cost of the merchandise sold was $970. 30 Granted General Bookstore $130 credit for books returned costing $90. t i Recaived payment in ful from Ball Towar Journalize the trensactions for the month of June for Powell Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is antered. Do not indent manually. Record journal entries in the order presented in the problom. Round answers to 0 decimal places e.g. 15,222.) Date Account Titles and Explanation Debit Credit To record credit se) To racord cost of goods soc To record credit sale) To record cost of goods sold) June 24 To record credit granted for returned goods) To record cost of goods returned) Copyright 2000-2019 by John Wlay&Sons Inc ar olated companios. All rights resarvad