Littleton Books has the following transactions during May.
May 2 Purchases books on account from Readers Wholesale for $4,100, terms 2/10, n/30. May 3 Pays cash for freight costs of $280 on books purchased from Readers. May 5 Returns books with a cost of $400 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 $4,800 on account. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system.
1. Purchases books on account from Readers Wholesale for $4,100, terms 2/10, n/30.2. Pays cash for freight costs of $280 on books purchased from Readers.3. Returns books with a cost of $400 to Readers because part of the order is incorrect.4. Pays the full amount due to Readers.5. Record the sale of inventory on account.6. Record cost of inventory sold.
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Littleton Books has the following transactions during May.
May 2 Purchases books on account from R...
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