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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 $2,400, terms 3/10, n/30. May 3 Pays cash for freight costs of $110 on books purchased from Readers. May 5 Returns books with a cost of $200 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 $3,100 on account. cise 6-9 (Algo) Part 1

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 $2,400, terms 3/10, n/30. May 3 Pays cash for freight costs of $110 on books purchased from Readers. May 5 Returns books with a cost of $200 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 $3,100 on account. cise 6-9 (Algo) Part 1

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 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 $2,400, terms 3/10, n/30. May 3 Pays cash for freight costs of $110 on books purchased from Readers. May 5 Returns books with a cost of $200 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 $3,100 on account. Exercise 6-9 (Algo) Part 1 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 Date May 02 Note: Enter debits before credits. 4 Record purchase of books on account from Readers Wholesale for $2,400, terms 3/10, n/30. 5 6 General Journal Debit Credit
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 $2,400, terms 3/10, n/30. May 3 Pays cash for freight costs of $110 on books purchased from Readers. May 5 Returns books with a cost of $200 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 $3,100 on account. Exercise 6-9 (Algo) Part 1 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 Date May 02 Note: Enter debits before credits. 4 Record purchase of books on account from Readers Wholesale for $2,400, terms 3/10, n/30. 5 6 General Journal Debit Credit
5 6 Record payment of cash for freight costs of $110 on books purchased from Readers < 1 Note: Enter debts before credits Dute May 03 < < 2 < Note: Enter debts before credits Date May 05 2 1 3 Date May 30 Record the return of books with a cost of $200 to Readers because part of the order is incorrect. 2 Neste debes Date May 10 3 Date May 30 2 General Journal 3 3 4 Note: Enter det before t Record cost of inventory sold Record payment of the full amount due to Readers 4 General Journal 4 Record the sale of all book inventory purcha on May 5) for $3,100 on account 5 4 General Journal 4 5 $ General Journal 6 5 6 General Journal 6 6 Debit Credi Debit Credit d on May 2 (less those returned Debit Debit Credit Credi Credit
Transcribed Image Text:5 6 Record payment of cash for freight costs of $110 on books purchased from Readers < 1 Note: Enter debts before credits Dute May 03 < < 2 < Note: Enter debts before credits Date May 05 2 1 3 Date May 30 Record the return of books with a cost of $200 to Readers because part of the order is incorrect. 2 Neste debes Date May 10 3 Date May 30 2 General Journal 3 3 4 Note: Enter det before t Record cost of inventory sold Record payment of the full amount due to Readers 4 General Journal 4 Record the sale of all book inventory purcha on May 5) for $3,100 on account 5 4 General Journal 4 5 $ General Journal 6 5 6 General Journal 6 6 Debit Credi Debit Credit d on May 2 (less those returned Debit Debit Credit Credi Credit
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