Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,500, terms



Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,500, terms 230. May 3 Pays cash for freight costs of $220 on books purchased from Readers. May 5 Returns books with a cost of $300 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 $4,200 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system.




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