Required information
Exercise Algo Record transactions using a perpetual system LO
The following information applies to the questions displayed below.
Littleton Books has the following transactions during May.
May Purchases books on account from Readers Wholesale for $ terms
May Pays cash for freight costs of $ on books purchased from Readers.
May Returns books with a cost of $ to Readers because part of the order is incorrect.
May Pays the full amount due to Readers.
May Sells all books purchased on May less those returned on May for $ on account.
Exercise Algo Part
Assume that payment to Readers is made on May instead of May Record this payment. If no entry is required for transactionevent select No Journal Entry Required" in the first account field.
