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Required information Exercise 6-9(Algo) Record transactions using a perpetual system (LO6-5) ...

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Accounting

Required information
Exercise 6-9(Algo) Record transactions using a perpetual system (LO6-5)
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[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.
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.)

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