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Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, 1/30 to all of its stomers. During the month of June, the following merchandising transactions occurred. June 1 3 6 9 Purchased books on account for $1.040 (including freight) from Catlin Publishers, terms 2/10, 1/30. Sold books on account to Garfunkel Bookstore for $1.200. The cost of the merchandise sold was $720. Received $40 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 $1.200, terms of 2/10, 1/30. The cost of the merchandise sold was $730. Purchased books on account for $720 from Priceless Book Publishers, terms 1/15.n/30. 15 17 20 24 Received payment in full, less discount 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. Journize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system. (If no entry is requred select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 1 Inventory I Accounts Payable June 3 Accounts Receivable Sales Revenue To record sale of books on account) ** 70"F Question 2 of 3

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