Problem 5-2A

Powell Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.

June 1		Purchased books on account for $2,180 (including freight) from Catlin Publishers, terms 4/10, n/30.
3		Sold books on account to Garfunkel Bookstore for $1,600. The cost of the merchandise sold was $700.
6		Received $80 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 $1,600. The cost of the merchandise sold was $950.
20		Purchased books on account for $700 from Priceless Book Publishers, terms 3/15, 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 $1,800. The cost of the merchandise sold was $820.
30		Granted General Bookstore $300 credit for books returned costing $40.

Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places e.g. 15,222.)

Date	Account Titles and Explanation	Debit	Credit
June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
	(To record credit sale)
	(To record cost of goods sold)
June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
	(To record credit sale)
	(To record cost of goods sold)
June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
June 24
June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
	(To record credit sale)
	(To record cost of goods sold)
June 1June 3June 6June 9June 15June 17June 20June 24June 26June 28June 30
	(To record credit granted for returned goods)
	(To record cost of goods returned)