Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers...

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Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,600, terms 1/10, n/30. May 3 Pays cash for freight costs of $230 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 $4,300 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is rec transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. 3 No 1 Date May 02 Supplies Accounts Payable 2 May 03 Delivery Expense Cash May 05 Accounts Payable Sales Returns General Journal Debit Credit 3,600 3,600 230 230 300 300 Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,600, terms 1/10, n/30. May 3 Pays cash for freight costs of $230 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 $4,300 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is rec transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. 3 No 1 Date May 02 Supplies Accounts Payable 2 May 03 Delivery Expense Cash May 05 Accounts Payable Sales Returns General Journal Debit Credit 3,600 3,600 230 230 300 300