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6 May 30 Cost of Goods Sold Inventory > 3,850 x 4,900 3,850 x

6 May 30 Cost of Goods Sold Inventory > 3,850 x 4,900 3,850 x

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is rea transaction/event, select "No Journal Entry Required" in the first account field.) No 1 2 3 4 5 6 Date May 02 May 03 May 05 May 10 May 30 May 30 Inventory X Answer is complete but not entirely correct. General Journal Accounts Payable Inventory Cash Accounts Payable Inventory Accounts Payable Inventory Cash Accounts Receivable Sales Revenue Cost of Goods Sold Inventory ›› 33 ✓ ✓ ✓ >> 33 Debit 4,200 290 350✔ 3,850✔ 4,900 > 3,850 x Credit 4,200 290✔ 350 77✔ 3,773✔ 4,900 > > 3,850 x
Transcribed Image Text:Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is rea transaction/event, select "No Journal Entry Required" in the first account field.) No 1 2 3 4 5 6 Date May 02 May 03 May 05 May 10 May 30 May 30 Inventory X Answer is complete but not entirely correct. General Journal Accounts Payable Inventory Cash Accounts Payable Inventory Accounts Payable Inventory Cash Accounts Receivable Sales Revenue Cost of Goods Sold Inventory ›› 33 ✓ ✓ ✓ >> 33 Debit 4,200 290 350✔ 3,850✔ 4,900 > 3,850 x Credit 4,200 290✔ 350 77✔ 3,773✔ 4,900 > > 3,850 x
! Required information Exercise 6-9 (Algo) Record transactions using a perpetual system (LO6-5) [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $4,200, terms 2/10, n/30. May 3 Pays cash for freight costs of $290 on books purchased from Readers. May 5 Returns books with a cost of $350 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,900 on account.
Transcribed Image Text:! Required information Exercise 6-9 (Algo) Record transactions using a perpetual system (LO6-5) [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $4,200, terms 2/10, n/30. May 3 Pays cash for freight costs of $290 on books purchased from Readers. May 5 Returns books with a cost of $350 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,900 on account.
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