Powell 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 $1,165 (including freight) from catlin publishers, terms 2/10, n/30. 3 sold books on account to garfunkel bookstore for $2,000. the cost of the merchandise sold was $750. 6 received $65 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 $2,000. the cost of the merchandise sold was $900. 20 purchased books on account for $750 from priceless book publishers, terms 2/15, 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 $910. 30 granted general bookstore $270 credit for books returned costing $85. journalize the transactions for the month of june for powell warehouse, using a perpetual inventory system.
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