! Required information [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. IN May 2 Purchases books on account from Readers Wholesale for $2,600, terms 1/10, n/30. May 3 Pays cash for freight costs of $130 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 $3,300 on account. 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.) View transaction list View journal entry worksheet No 1 2 3 4 5 6 Date May 02 May 03 May 05 May 10 May 30 May 30 Inventory Accounts Payable Freight-In Cash Accounts Payable Inventory Accounts Payable Cash Purchase Discounts Accounts Receivable Sales Revenue Cost of Goods Sold Inventory General Journal Debit 2,600 130 200 2,400 3,300 2,400 Credit 2,600 130 200 2,376 24 3,300 2,400 Ⓒ
! Required information [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. IN May 2 Purchases books on account from Readers Wholesale for $2,600, terms 1/10, n/30. May 3 Pays cash for freight costs of $130 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 $3,300 on account. 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.) View transaction list View journal entry worksheet No 1 2 3 4 5 6 Date May 02 May 03 May 05 May 10 May 30 May 30 Inventory Accounts Payable Freight-In Cash Accounts Payable Inventory Accounts Payable Cash Purchase Discounts Accounts Receivable Sales Revenue Cost of Goods Sold Inventory General Journal Debit 2,600 130 200 2,400 3,300 2,400 Credit 2,600 130 200 2,376 24 3,300 2,400 Ⓒ
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A-2
![!
Required information
[The following information applies to the questions displayed below.]
Littleton Books has the following transactions during May.
IN
May 2 Purchases books on account from Readers Wholesale for $2,600, terms 1/10, n/30.
May 3 Pays cash for freight costs of $130 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 $3,300 on account.
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.)
View transaction list View journal entry worksheet
No
1
2
3
4
5
6
Date
May 02
May 03
May 05
May 10
May 30
May 30
Inventory
Accounts Payable
Freight-In
Cash
Accounts Payable
Inventory
Accounts Payable
Cash
Purchase Discounts
Accounts Receivable
Sales Revenue
Cost of Goods Sold
Inventory
General Journal
Debit
2,600
130
200
2,400
3,300
2,400
Credit
2,600
130
200
2,376
24
3,300
2,400
Ⓒ](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e1f74b8-f124-44d2-bf61-7e8f2ecba9e0%2F79fc56ac-c3f5-495e-b6d6-3c5efdf9d86d%2F0sd3ih_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Littleton Books has the following transactions during May.
IN
May 2 Purchases books on account from Readers Wholesale for $2,600, terms 1/10, n/30.
May 3 Pays cash for freight costs of $130 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 $3,300 on account.
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.)
View transaction list View journal entry worksheet
No
1
2
3
4
5
6
Date
May 02
May 03
May 05
May 10
May 30
May 30
Inventory
Accounts Payable
Freight-In
Cash
Accounts Payable
Inventory
Accounts Payable
Cash
Purchase Discounts
Accounts Receivable
Sales Revenue
Cost of Goods Sold
Inventory
General Journal
Debit
2,600
130
200
2,400
3,300
2,400
Credit
2,600
130
200
2,376
24
3,300
2,400
Ⓒ
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