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Question: Powell Warehouse distributes hardback book to retail stores and extends credit terms of 4/10, n/30 to all of its merchandising transactions occurred. Purchased books on account for $1, 940 (inducing freight) from Carlin Publishers, terms 4/10, n/30. Sold books on account to Garfunkel Book store for $1, 450. The cost of the merchandise solid was $800. Received $40 credit for books retuned to Carlin Publishers. Paid Carlin Publishers in full. received payment in full from Garfunkel Book store. Sold books on account to Bell Tower for $1, 450. The cost of the merchandise sold was $950. Purchased books on account for $800 from Processes Book Publishers, terms 2/15, n/30. Received payment in full from bell Tower. Paid Priceless Book Publishers in full. Solid books on account to General Bookstore for $1, 600. The cost of the merchandise sold was $850. Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system.

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