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 tions during M
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 tions during M
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject-Accounting
![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 $3,500, terms 2/10, n/30.
May 3 Pays cash for freight costs of $220 on books purchased from Readers..
May 5 Returns books with a cost of $300 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 $4,200 on account.
Exercise 6-9 (Algo) Part 2
2. Assume that payment to Readers is made on May 24 instead of May 10. Record this payment. (If no entry is required for a
transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
Record payment of the full amount due to Readers.
Note: Enter debits before credits.
Date
May 24
Record entry
General Journal
Clear entry
Debit
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7fe5a73-45e4-4166-8ba1-50e355550dfc%2F880ed123-d324-49bf-83a6-9476f9f58542%2Fnji04kn_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $3,500, terms 2/10, n/30.
May 3 Pays cash for freight costs of $220 on books purchased from Readers..
May 5 Returns books with a cost of $300 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 $4,200 on account.
Exercise 6-9 (Algo) Part 2
2. Assume that payment to Readers is made on May 24 instead of May 10. Record this payment. (If no entry is required for a
transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
Record payment of the full amount due to Readers.
Note: Enter debits before credits.
Date
May 24
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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