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Required information [The following information applies to the questions displayed below] Littleton Books has the...

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Accounting

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Required information [The following information applies to the questions displayed below] Littleton Books has the following transactions during May. May 2. purchases books on acoount fros Fesdern Wholesale for $2,600, terms 1/10,n/30. May 3 pays eash for freight conte of 5130 on books purchased fron Readeri. Kay 5 Returns books with a cost of 5200 to headers because part of the order is iscorrect. May 10 pays the full amount due to Readers. May 30 sella all books purethased on May 2 (2ess thone returned on May 5 ) for $3,300 on account. equired: Record the transactions of Littleton Books, assuming the company uses a perpetuol inventory system. (If no entry is required for a ansaction/event, select "No Journal Entry Required" in the first account field.) 1 Record purchase of books on account from Readers Wholesale for $2,600, terms 1/10,n/30. 2 Record payment of cash for freight costs of $130 on books purchased from Readers. 3 Record the return of books with a cost of $200 to Readers because part of the order is incorrect. 4 Record payment of the full amount due to Readers. 5 Record the sale of all book inventory purchased on May 2 (less those returned on May 5 ) for $3,300 on account. 6 Record cost of inventory sold

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