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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
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 $1 , 040 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1 , 200 . The cost of the merchandise sold was $720 . 6 Received $40 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1 , 200 . The cost of the merchandise sold was $730 . 20 Purchased books on account for $720 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1 , 300 . The cost of the merchandise sold was $780 . 30 Granted General Bookstore $130 credit for books returned costing $80 . Journalize the transactions for the month of June for Powall Warahouse, using a perpetual invantory systam. (If no entry is required
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