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Journalize the transactions for the month of June

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Reference no: EM132890455

Question - 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 $1,040 (including freight) from Catlin Publishers, terms 2/10, n/30.

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

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

June 9 Paid Catlin Publishers in full.15Received payment in full from Garfunkel Bookstore.

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

June 20 Purchased books on account for $720 from Priceless Book Publishers, terms 1/15, n/30.

June 24 Received payment in full from Bell Tower.

June 26 Paid Priceless Book Publishers in full.

June 28 Sold books on account to General Bookstore for $1,300. The cost of the merchandise sold was $780.

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

Required - Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system.

Reference no: EM132890455

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