P5-1APowell’s Book Warehouse distributes hardcover books to retail stores and extends credit term 0f 2/10,n/30 to all of its customers….

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P5-1APowell’s Book Warehouse distributes hardcover books to retail stores and extends credit term 0f 2/10, n/30 to all of its customers. At the end of May, Powell’s inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred.   June1Purchased books on account for $ 1,600 from Kline Publishers, FOB destination, terms 2/10,   n/30. The appropriate party also made a cash payment of $50 for the freight on this date.  3Sold books on account to Reading Rainbow for $2,500. The cost of the books sold was $1,440.  6Received $100 credit for books returned to Kline Publishers.    9Paid Kline Publishers in full, less discount.      15Received payment in full from Reading Rainbow.     17Sold books on account to Blanco Books for $1,800. The cost of the books sold was $1,080.  20Purchased books on account for $1,500 from Dietz Publishers, FOB destination, terms 2/15,n/30.     The appropriate party also made a cash payment of $50 for the freight on this date.  24Received payment in full from Blanco Books.     26Paid Dietz Publishers in full less discount.      28Sold books on account to Reddy Bookstore for $1,400.  The cost of the books sold was $850.  30Granted Reddy Bookstore $120 credit for books returned costing $72. Powell’s Book Warehouse’s chart of accounts includes the following: No.101 Cash, No.112, Accounts Receivable,No.120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No.412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 595 Cost of Goods Sold.     Instructions          Journalize the transactions for the month of June for Powell’s Book Warehouse using a perpetual inventory system.
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