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Powell's Haak Warehouse distributes hardoaver books to retail stares and extends credit terms of 2/10, n0 to all of its custamers. At the end of May, Powrll's iventory consisted of boaks purchased for S1,8DD. During lune, the following merrhandising transactions occurred lune 1 urchased beaks on account or1,6aa arn Klirle Publishers FCH destinatian, terms 2/10, n 30. The appropriate party alsa mac e cash payment of $41] ar the freight an this date. 3 Sold books on account to Reading Ralnbow for $2,400. The cost of the books sold was $1,440 6 Received $100 credit tor books retumed to Kline Publishers. Paid Klirie Publishers in full, less discaurit 15 Rcccivod payment in full from Rcading Rainbow 17 sold books on account to Banco Books tor $1,600. The cost ot the books sold was s960 20 Purchased boks on account rer 1,500 rrorn Dietz Publishers fOB destination, terms 1/15, n/30. The appropriate party also made a Lash payment of $40 ror the rreight on this date. 4 Received payment in full fram Blanro Hooks. 26 Pald Dietz Publlshers In full, less discount. 28 sold books on eccount to Reddy Bookstore ror 1.400. The cost of the books sold was $B10 3D irarnted Redtdy Haokstore $1 credit far honks returned cnstirig sH. Powell's Book Warehouse's chart ot accounts includes the tollowing: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Retums and Allowances, No. 414 Sales Discounts, and Journalize the transactions tor the month ot June tor Powells Book warehouse using a perpetual Inventory system. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. Date Account Titles and Explanation June 1 Tinverntary Debil Credit Accounts Payable 1600 unc 3 TAccaurits Receivable 2400 Sales Revenue To recard cedt sal) Cost of Goods 5old 2400 Inventory 1140 To record cost or merchandise scid) )uneAccounts Payable 100 ventoryY une 9 TAccounts Payable 1500 Cash 100 une 1s Tcash 2400 une 17TAccounts Racelvable 1600 eles Reveru

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