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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![!
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
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
33
Debit
3,700✔
240✔
350✔
3,350✔
4,400✔
4,223 X
Credit
3,700✔
240✔
350✔
3,283
67✔
4,400✔
4,223 X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6d3182a3-6690-40be-b718-41a40b1b747e%2Ff5a25f7d-c453-4997-90b7-e2bf8a1d9809%2Fq3fdf1s_processed.png&w=3840&q=75)
Transcribed Image Text:!
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
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
33
Debit
3,700✔
240✔
350✔
3,350✔
4,400✔
4,223 X
Credit
3,700✔
240✔
350✔
3,283
67✔
4,400✔
4,223 X
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