six

May 2 Purchases books on account from Readers Wholesale for 53,500 , terms 2/10, n/30. May 3 Pays cash for frelght costa of $220 on book purchased from Readers. May 5 Reterns 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 a11 books purchased on May 2 (leas thoale returned on May 5 ) for $4,200 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 f transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet (1) 2 3 5 6 Record payment of the full amount due to Readers. Note: Enter debits before credits. May 2 Purchases books on account from Readers Wholesale for $3,500, terms 2/10,n/30. Nay 3 Pays cash for freight costs of $220 on books purchased from Readers. Nay 5 Returns books with a cost of $300 to Readers because part of the order in incorrect. May 10 Pays the full anount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,200 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 ransaction/event, select "No Journal Entry Required" in the first account field.)