Question

Required information stof 2 The fodawng farmation apples to the questians cspiayed below Litteton Books has the folowing wansacsons during May ay 2 Purchases books on account from Readers helesale for 12.300, teras 2/10 w30 May 3 Pays cash for freight costs of S160 an baaks purchased from Readers May Retures books with a cost of $250 to Readers because part of the order 1s e incorrect 10 Pays the fall anount due te Readers. ay 30 Sells all books purchased on May 2 less those retursed on May 5) for 3,600 on account Required: L Record the transactions of Littleton Books, asssuming the company us aperpetual inventory system. (If no entry is required for a ransaction/event, select "No Journal Entry Required" in the first ccount field.) Hin P weces View sraactice Record purchase at bocks an account from Readers Wholeale for2900 tes 2/10na 2/14 Record payment of cash for fheight oasts of $160 an books prctased trom Reders aRecordretam of bocks with a coat oft $350 to Readers because part of the order is incorect Credt Record payment of the full anount due to Readers sRecord the sae of invetary an account Record coat of invetary sld joumal eay has ben w Nate ew geer l Recard entry Gear eiry

need help with all these entries

Answer 1

Journal Entries
Date	Account Title and explanation	Debit	Credit
May, 02	Books	$                     2,900
	Accounts Payable		$                       2,900
May, 03	Freight inward	$                        160
	Cash		$                           160
May, 05	Account Payable	$                        250
	Books		$                           250
May, 10	Account Payable ($ 2,900 - $ 250)	$                     2,650
	Purchase Discount ($ 2,650 X 2%)		$                             53
	Cash		$                       2,597
May, 30	Account Receivable	$                     3,600
	Sales Revenue		$                       3,600
May, 30	Cost of Goods Sold	$                     2,650
	Books		$                       2,650