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 $2,900, terms 2/10,n/30 May 3 Pays cash for freight costs of $160 on books purchased from Readers. May 5 Returns books with a cost of $250 to Readers because part of the order is incorrect. May Pays the full amount due to Readors. 10 May Sells all books purchased on May 2 (less those returned on May 5) for 30$3,600 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.) Journal entry worksheet 2 6 Record purchase of books on account from Readers Wholesale for $2,900, terms 2/10,n/30. Note: Enter debits before credits. Journal entry worksheet Record payment of cash for freight costs of $160 on books purchased from Readers. Note: Enter debits before credits. Journal entry worksheet Record the return of books with a cost of $250 to Readers because part of the order is incorrect. Note: Enter debits before credits. Journal entry worksheet 6 Record payment of the full amount due to Readers. Note: Enter debits before credits. Journal entry worksheet Record the sale of all book inventory purchased on May 2 (less those returned on May 5) for $3,600 on account. Note: Enter debits before credits. Journal entry worksheet Record cost of inventory sold. Note: Enter debits before credits. 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 $2,900, terms 2/10,n/30 May 3 Pays cash for freight costs of $160 on books purchased from Readers. May 5 Returns books with a cost of $250 to Readers because part of the order is incorrect. May Pays the full amount due to Readors. 10 May Sells all books purchased on May 2 (less those returned on May 5) for 30$3,600 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.) Journal entry worksheet 2 6 Record purchase of books on account from Readers Wholesale for $2,900, terms 2/10,n/30. Note: Enter debits before credits. Journal entry worksheet Record payment of cash for freight costs of $160 on books purchased from Readers. Note: Enter debits before credits. Journal entry worksheet Record the return of books with a cost of $250 to Readers because part of the order is incorrect. Note: Enter debits before credits. Journal entry worksheet 6 Record payment of the full amount due to Readers. Note: Enter debits before credits. Journal entry worksheet Record the sale of all book inventory purchased on May 2 (less those returned on May 5) for $3,600 on account. Note: Enter debits before credits. Journal entry worksheet Record cost of inventory sold. Note: Enter debits before credits
