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Required information

Exercise $6-9($Algo$)$ Record transactions using a perpetual system $($L$06-5)$

$[$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 $$3,700,$ terms $2/10,$ n$/30.$

May $3$ Pays cash for freight costs of $$240$ on books purchased from Readers.

May $5$ Returns books with a cost of $$350$ 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 $$4,400$ on account.

Exercise $6-9($Algo$)$ Part $1$

Required:

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.$)$

Answer is complete but not entirely correct.

$\backslash$table$[[$No$,$Date,,,Debit,Credit$],[1,$May $02,$Inventory,$,3,700vv,],[,$Accounts Payable,$0,,3,700vv$