Using perpetual inventory system

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Reference no: EM131262340

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 $1,755 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,550. The cost of the merchandise sold was $850. 6 Received $55 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 $1,550. The cost of the merchandise sold was $850. 20 Purchased books on account for $850 from Priceless Book Publishers, terms 3/15, 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 $2,650. The cost of the merchandise sold was $950. 30 Granted General Bookstore $210 credit for books returned costing $30. Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system.

Reference no: EM131262340

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