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 retu. fhed on May for $ on account.
Exercise Algo Part
Required:
Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. If no entry is required for a transactionevent select No Journal Entry Required" in the first account field.
