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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
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 $3,600, terms 1/10, n/30. May 3 Pays cash for freight costs of $230 on books purchased from Readers. May 5 Returns books with a cost of $300 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 $4,300 on account. Exercise 6-9A Part 1 Journal entry worksheet Record the sale of inventory on account. Note: Enter debits before credits. Date General Journal Debit Credit May 30 Record entry Clear entry View general journal Journal entry worksheet Record cost of inventory sold. Note: Enter debits before credits. Date en Journal Debit Credit May 30 Record entry Clear entry View general journal
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