Required information

Exercise $6-9($Algo$)$ Record transactions using a perpetual system $($L$06-5)$

$[$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 $$2,600,$ terms $1/10,\frac{n}{30}.$

May $3$ Pays cash for freight costs of $$130$ on books purchased from Readers.

May $5$ Returns books with a cost of $$200$ 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 $$3,300$ on account.

Exercise $6-9($Algo$)$ Part $2$

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.$)$

Journal entry worksheet

$1$

Record payment of the full amount due to Readers.

Note: Enter debits before credits.