Required information Exercise 6-9A 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 $3,400, terms 2/10, n/30. May 3 Pays cash for freight costs of $210 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 $4,100 on account. Exercise 6-9A 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.) Required information Exercise 6-9A Record transactions using a perpetual system (L06-5) (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 $3,400, terms 2/10, n/30. May 3 Pays cash for freight costs of $210 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 $4,100 on account. Exercise 6-9A Part 2 2. Assume that payment to Readers is made on May 24 instead of May 10. Record this payment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)