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Question: Littleton Books has the following transactions during May.

May 2 Purchases books on account from Readers Wholesale for $2,300, terms 2/10, n/30.

May 3 Pays freight costs of $100 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 $3,000 on account. Required:

1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system.

2. Assume that payment to Readers is made on May 24 instead of May 10. Record this payment.

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Category:- Basic Finance
Reference No.:- M92329691

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