View Policies

Current Attempt in Progress

Powell's Warehouse distributes hardback books to retail stores and extends credit terms of $\frac{2}{10},\frac{n}{30}$ to all of its customers. During

the month of June, the following merchandising transactions occurred.

June $1$ Purchased books on account for $$1,040($including freight$)$ from Catlin Publishers, terms $2/10,\frac{n}{30}.$

$3$ Sold books on account to Garfunkle Bookstore for $$1,200.$ The cost of the books sold was $$720.$

$6$ Received $$40$ credit for books returned to Catlin Publishers.

$9$ Paid Catlin Publishers in full.

$15$ Received payment in full from Garfunkle Bookstore.

$17$ Sold books on account to Bell Tower for $$1,200.$ The cost of the merchandise sold was $$730.$

$20$ Purchased books on account for $$800$ from Priceless Book Publishers, terms $1/15,$ 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 $$1,300.$ The cost of the merchandise sold was $$780.$

$30$ Granted General Bookstore $$130$ credit for books returned costing $$80.$

Journalize the transactions for the month of June for Powell Warehouse using a perpetual inventory system. $($Credit account titles

are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the

account titles and enter $0$ for the amounts. Record journal entries in the order presented in the problem. Round answers to $2$

decimal places, e$.$g$.125\mathrm{.}53.)$

$($To record cost of merchandise sold$)$