Practice Problem Set 1 Ayayai Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 30 Purchased books on account for $2,575 from Catlin Publishers. Sold books on account to Garfunkel Bookstore for $1,150. The cost of the merchandise sold was $900. Received $75 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkel Bookstore. Sold books on account to Bell Tower for $1,150. The cost of the merchandise sold was $750. Purchased books on account for $900 from Priceless Book Publishers. Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1,900. The cost of the merchandise sold was $970. Granted General Bookstore $130 credit for books returned costing $90. Prepare a tabular summary to record the transactions for the month of June for Ayayai Warehouse using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities + Stockholders' Equity Retained Earnings Rev. - Exp. Cash + Accts. Rec. + Inv. = Accts. Pay. + Common Stock + June 1 Sales revenue Cost of goods sold Sales revenue Cost of goods sold Sales revenue Cost of goods sold Sales returns & allowances Cost of goods sold Click if you would like to Show Work for this question: Open Show Work