Practice Problem Set 1 Powell 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 Purchased books on account for $1,040 from Catlin Publishers. 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 15 17 20 24 26 28 30 Paid Catlin Publishers in full Received payment in full from Garfunkel Bookstore Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $730. Purchased books on account for $720 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 $1,300. The cost of the merchandise sold was $780. Granted General Bookstore $130 credit for books returned costing $80. Prepare a tabular summary to record the transactions for the month of June for Powell 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).)