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Required information Exercise 6-9(Algo) Record transactions using a perpetual system (L06-5) [The...

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Accounting

Required information
Exercise 6-9(Algo) 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 $3,900, terms 210,n30.
May 3 Pays cash for freight costs of $260 on books purchased from Readers.
May 5 Returns books with a cost of $400 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 $4,600 on account.
Exercise 6-9(Algo) 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.)
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