Practice Problem Set 1 Your answer is partially correct. Try again. Novak 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 $2,580 from Catlin Publishers. Sold books on account to Garfunkel Bookstore for $1,150. The cost of the merchandise sold was $850. Received $80 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 $950. Purchased books on account for $850 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 $1,150. The cost of the merchandise sold was $760. Granted General Bookstore $170 credit for books returned costing $30. Prepare a tabular summary to record the transactions for the month of June for Novak 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. Pay. + Common Stock + Accts. Rec. + | Inv. - 2,580 June 1 T I I 2,580 - 1,150 Sales revenue 850 Cost of goods sold 2,500 1,150 1000TTUTOOTTI 0000000UUUUUU TOOUTUUUCOTTONI 1,1 OIDDUPEO000 COOUTUAEUCOU 00000UUUUUUUN Sales revenue 950 950 950|| Cost of goods sold - 850 Sales revenue Cost of goods sold Sales returns & allowances Cost of goods sold