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Journalize purchase and sales transactions under a perpetual inventory system (LO 2, 3) Powell's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased for S1,800. During June, the following merchandising transactions occurred. une Purchased books on account for S1,600 from Kline Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash 1 payment of S50 for the freight on this date 3 Sold books on account to Reading Rainbow for S2,500. The cost of the books sold was $1,440 6 Received $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 24 26 28 30 Purchased books on account for $1,500 from Dietz Publishers, FOB destination, terms 2/15, n/30The appropriate party also made a cash payment of $50 for the freight on this date Received payment in full from Blanco Books. Paid Dietz Publishers in full, less discount. Sold books on account to Reddy Bookstore for $1,400. The cost of the books sold was $850 Granted Reddy Bookstore S120 credit for books returned costing S72 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. 505 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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