View Policies Current Attempt in Progress Flounder's 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. June 1 3 6 9 15 17 Purchased books on account for $1,020 from Catlin Publishers, terms 2/10, 1/30, Sold books on account to Garfunkle Bookstore for $1,220. The cost of the books sold was $ 660. Received $ 20 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkle Bookstore. Sold books on account to Bell Tower for $ 1.200. The cost of the merchandise sold was $ 800. Purchased books on account for $ 600 from Priceless Book Publishers, terms 1/15, n/30. Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $ 1.430. The cost of the merchandise sold was $780. Granted General Bookstore $ 140 credit for books returned costing $ 70. 20 24 26 28 30 Date Account Titles and Explanation Debit Credit June 1 Inventory Accounts Payable June 3 Accounts Receivable Sales Revenue (To record credit sale) June 6 Accounts Payable Inventory (To record cost of merchandise sold) (To record credit sale) (To record cost of merchandise sold) (To record credit sale) (To record cost of merchandise sold) (To record merchandise returned) 4 (To record cost of merchandise returned)