No.4 and cash paid on account

Exercise 6-9 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 $3,300, terms 1/10, n/30. May 3 Pays cash for freight costs of $200 on books purchased from Readers. May 5 Returns books with a cost of $400 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 $4,000 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 transact Answer is complete but not entirely correct. No Date General Journal Debit Credit May 02 Inventory 3,300 Accounts payable 3,300 200 Inventory Cash May 03 400 May 05 Accounts payable Inventory 400 4 May 10Accounts payable 2,900 Cash Purchase discounts 2,871 29 4,000 Accounts receivable Sales revenue May 30 ,000 May 30 Cost of goods sold 3,071 3,071 Journal entry worksheet Record the cash paid on account. Note: Enter debits before credits. Date General Journal Debit Credit May 24 Record entry Clear entry View general journal