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
Chapter1: Financial Statements And Business Decisions
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa7a97132-4e66-498b-8eec-a62f91104a96%2Fc1d6a501-4016-4f13-af08-5707261bba57%2Fgvocn0e_processed.png&w=3840&q=75)
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

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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