! Required information Exercise 6-9 (Algo) 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 $2,700, terms 2/10, n/30. May 3 Pays cash for freight costs of $140 on books purchased from Readers. May 5 Returns books with a cost of $250 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 $3,400 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 for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record purchase of books on account from Readers Wholesale for $2,700, terms 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit May 02 No General Journal Debit Credit Date May 02 1 3,400 Inventory Accounts Payable 3,400 2 May 03 210 Inventory Cash 210 X 3 May 05 Accounts Payable 350 350 4 May 10 3,050 Accounts Payable Cash Inventory 2,989 61 5 5 May 30 4,100 X Accounts Receivable Sales Revenue 4,100 6 May 30 3,199 Cost of Goods Sold Inventory 3,199