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Current Attempt in Progress Pharoah 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 6 9 3 15 17 20 24 26 28 30 Purchased books on account for $2,490 (including freight) from Catlin Publishers, terms 2/10, n/30. Sold books on account to Garfunkel Bookstore for $1,300. The cost of the merchandise sold was $900. Received $90 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkel Bookstore. Sold books on account to Bell Tower for $1,400, terms of 2/10, n/30. The cost of the merchandise sold was $800. Purchased books on account for $800 from Priceless Book Publishers, terms 2/15, n/30. Received payment in full, less discount from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $2,650. The cost of the merchandise sold was $850. Granted General Bookstore $260 credit for books returned costing $90. Journalize the transactions for the month of June for Pharoah Warehouse, using a perpetual inventory system. (If no entry is

Pharoah Warchouse 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 $2,490 (including freight) from Catlin Publishers, terms 2/10,n/30. 3 Sold books on account to Garfunkel Bookstore for $1,300. The cost of the merchandise sold was $900. 6 Received $90 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 $1,400, terms of 2/10,n/30. The cost of the merchandise sold was $800. 20 Purchased books on account for $800 from Priceless Book Publishers, terms 2/15,n/30. 24 Received payment in fill, less discount from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for \$2,650. The cost of the merchandise sold was $850. 30 Granted General Bookstore $260 credit for books returned costing $90

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