- Your answer is partially correct. Bridgeport'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 Purchased books on account for $1,120 from Catlin Publishers, terms 2/10,n/30. 3 Sold books on account to Garfunkle Bookstore for $1,150. The cost of the books sold was $720. 6 Received $20 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 $1,300. The cost of the merchandise sold was $680. 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 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,240. The cost of the merchandise sold was $820. 30 Granted General Bookstore $130 credit for books returned costing $80. \begin{tabular}{l} Date Account Titles and Explanation \\ \hline ne 1 - \\ \hline \end{tabular} Credit Accounts Payable Accounts Receivable Sales Revenue (To record credit sale) Cost of Goods Sold Inventory (To record cost of merchandise sold) Accounts Payable Inventory Accounts Payable 1120 Purchase Discounts Accounts Receivable Accounts Receivable 1300 Sales Revenue (To record credit sale) Cost of Goods Sold 680 (To record cost of merchandise sold) Inventory Accounts Payable 700 Sales Discounts 26 Accounts Receivable Accounts Payable 700 Accounts Receivable 1240 Sales Revenue (To record credit sale) Cost of Goods Sold 820 Inventory (To record cost of merchandise sold) Sales Returns and Allowances 130 Accounts Receivable Accounts Payable 700 Accounts Receivable 1240 Sales Revenue (To record credit sale) Cost of Goods Sold 820 (To record cost of merchandise sold) Sales Returns and Allowances 130 Accounts Receivable (To record merchandise returned) Inventory 80 Cost of Goods Sold (To record cost of merchandise returned) eTextbook and Media List of Accounts Save for Later Last saved 28 minutes ago. Attempts: 2 of 5 used Submit