Weygandt, Financial & Managerial Accounting, Ze Help System Announcements 1 Unread) PRINTER VERSION NEXT Problem 5-1A Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for $1,800. During June, the following merchandising transactions Occurred June 1 Purchased books on account for $1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. Sold books on account to Reading Rainbow for $2,500. The cost of the books sold was $1,440. Received $100 credit for books returned to Kline Publishers. Paid Kline Publishers in full, less discount. Received payment in full from Reading Rainbow. Sold books on account to Blanco Books for $1,800. The cost of the books sold was $1,080. Purchased books on account for $1,500 from Dietz Publishers, FOB destination, terms 2/15, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. Received payment in full, less discount from Blanco Books Paid Dietz Publishers in full, less discount. Sold books on account to Reddy Bookstore for $1,400. The cost of the books sold was $850. Granted Reddy Bookstore $120 credit for books returned costing $72. Powels Book Warehouse's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable. No. 120 Inventory. No. 201 Accounts Payable No. 401 Sales Revenue, No. 412 Sales Returns and Allowances No. 414 Sales Discounts, and No. 505 Cost of Good Journal the transactions for the month of June for Powell's Book Warehouse using a perpetual inventory system. (Credit count tren utomaticamented when amount is entered. Do not indent manuallyI noen required select "No Entry for the Wes and enter for the amounts Record Tournal entries in the order presented in the problem. Date Account Titles and Explanation Credit (To record cost of merchandise sold) To record credits To record costo m undo June 24 To record credit sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandisered) OF ACCOUNT 30 Granted Reddy Books Powell's Book Warehouse's chart No. 414 Sales Discounts, and Ne Joumalize the transactions for th manually. If no entry is requi Date Account Titles and June 1 June 3 June 6 June 9 June 15 June 17 June 20 June 24 June 26 June 28 June 30 To record audit sal to record cont of me