Question: Problem 5-2A Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month

extends credit terms of 2/10, n/30 to all of its customers. During

the month of June, the following merchandising transactions occurred. une 1 Purchased

books on account for $1,545 (including freight) from Catin Publishers, terms 2/10,

n/30. 3 Sold books on account to Garfunkel Bookstore for $1,550. The

Problem 5-2A Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. une 1 Purchased books on account for $1,545 (including freight) from Catin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,550. The cost of the merchandise sold was $700 6 Received $45 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 $1,550. The cost of the merchandise sold was $800. 20 Purchased books on account for $700 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 28 30 Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1,550. The cost of the merchandise sold was $810. Granted General Bookstore $170 credit for books returned costing $30

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