Exercise 6-9 (Algo) Part 1 No Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1 2 3 4 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 $3,700, terms 2/10, n/30. May 3 Pays cash for freight costs of $240 on books purchased from Readers. May 5 Returns books with a cost of $350 to Readers because part of the order is incorrect. 5 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 $4,400 on account. 6 Date May 02 May 03 May 05 May 10 May 30 May 30 Inventory Answer is complete but not entirely correct. General Journal Accounts Payable Inventory Cash Accounts Payable Inventory Accounts Payable Cash Inventory Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Debit 3,700 240 350 3,350 4,400 4,223 X Credit 3,700 240 350 3,283 67 4,400 4,223

Exercise 6-9 (Algo) Part 1 No Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1 2 3 4 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 $3,700, terms 2/10, n/30. May 3 Pays cash for freight costs of $240 on books purchased from Readers. May 5 Returns books with a cost of $350 to Readers because part of the order is incorrect. 5 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 $4,400 on account. 6 Date May 02 May 03 May 05 May 10 May 30 May 30 Inventory Answer is complete but not entirely correct. General Journal Accounts Payable Inventory Cash Accounts Payable Inventory Accounts Payable Cash Inventory Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Debit 3,700 240 350 3,350 4,400 4,223 X Credit 3,700 240 350 3,283 67 4,400 4,223

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Description: !Exercise 6-9 (Algo) Part 1NoRequired:1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account fie

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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Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Pald frelght charge on merchandise purchased, $230. 12 Sold merchandise on account to Blg TIme Spoller, $3,500. The merchandise cost $2,500. 15 Recelved a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Blg Time Spoller for merchandise returned, $820. The cost of the merchandise Is $550. Required: 1. Journalize the above transactions In a general journal using the perlodic Inventory method. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 July 5 1. 2 3. July 8 4 4. July 12 July 15 6. July 22 10 10 2. Journalize the above transactions In a general journal using the perpetual Inventory method. If an amount box does not requtre an entry, leave it blank. Page: 1 POST. DEBIT CREDIT…
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