Littleton Books has the following transactions during May ...
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Accounting
| Littleton Books has the following transactions during May | ||||||||
| 2-May | Purchases books on account from Readers Wholesale for $4,200, terms 2/10, n/30. | |||||||
| 3-May | Pays cash fir freught costs of $290 on books purchased from Readers. | |||||||
| 5-May | Returns books with a cost of $350 to Readers because part of the order is incorrect. | |||||||
| 10-May | Pays the full amount due to Readers. | |||||||
| 30-May | Sells all books purchased on May 2 ( less those returned on May 5.) for $4,900 on account | |||||||
| Recird the transactions of Littleton Books, assumoing the company uses perpetual inventory system. | ||||||||
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