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P5.2 (LO 2, 3), AP Powell Warehouse...

*. Journaliae the transoctions uning a perpetial imeniory system. C Pryare an income statemene through groes peofit for the mnenth of May 2025. d. Caloulate the profit margin and the grou prolit rate (Asume operating expenses were \$1, 40H.) c. Groses protit 52008 P5.2 (LO 2, 3), AP Powell Watchoise distributes hardback books so resail stores and extendb credit terms of 2/10,n/30 so all of is customen. During the month of Jane, the following merchandising trassactions cocsured. June 1 Parchased books on account for $1,040 (including freight) from Gatlis Rublishen, terms 2/10,a/30. 3 - Sold books os accouns to Garfunkel Bookstore for \$1,200. The cost of the merchandibe sold was $720. 6 Received $40 credit for books neturned so Cadin Publibers. 9 Paid Caclin Publishen in fall. 15. Rrecived payment in full form Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $730. 20 Purchased books on account for 5700 from Priceless Fook Publishen, terms 1/15,n/30. 24 Received payment in full from Bell Towee. 26 Paid Priceless Book Publishers in fall. 28 Sold books on account so General Booktore for $1,300. The cost of itse merchasdise solf was $780, so Granted Genenal Booktare $130 credir for books returned costing $80. Instructions Journalize the transactions for the motuth of, fone for Powell Warchoune, uaing a perpetual imentory system. P5.3 (LO2, 3, 1), AP At the beginning of the currnt ieason on April 1, the ledger of Granite Hills Fro 5top showed Cauh $2,500, Inventory \$3,500, atid Consmon Stock \$6,000. The following transactiona were completed daring Aprit 2025 . Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Ca. 51,500 , terma 3/10,n/60. 7 Paid froight on Arrie parchase $80. 9 Received credit from Arrib Ca for merchandise teturned 5200. 10 Solk merchandive on account to metnben $1,310, terms n/30. The merchandioe sold had a cost of $820

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