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Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers wholesale for $3,200, terms 2/10, n/30. May 3
Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers wholesale for $3,200, terms 2/10, n/30. May 3 Pays cash for freight costs of $190 on books purchased from Readers. May 5 Returns books with a cost of $250 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 $3,900 on account. xercise 6-9 (Algo) Part 1 equired: Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is required for a ansaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record purchase of books on account from Readers Wholesale for $3,200, terms 2/10, n/30. Note: Enter debits before credits. Date May 02 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet > 1 2 3 4 5 6 Record payment of cash for freight costs of $190 on books purchased from Readers. Note: Enter debits before credits. Date May 03 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 Record the return of books with a cost of $250 to Readers because part of the order is incorrect. Note: Enter debits before credits. Date May 05 General Journal Debit Credit Dacord.antas Clear entus Viian peneral iournal Journal entry worksheet < 1 2 3 5 Record payment of the full amount due to Readers. Note: Enter debits before credits. Date May 10 General Journal Debit Credit Record entry Clear entry View general journal < 1 2 3 4 6 Record the sale of all book inventory purchased on May 2 (less those returned on May 5) for $3,900 on account. Note: Enter debits before credits. Date May 30 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 5 Record cost of inventory sold. Date May 30 6 Note: Enter debits before credits. General Journal Debit Credit Record entry Clear entry View general journal
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