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

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

A company has the following transactions during May. May May 2 Purchases books on account from Readers Wholesale for $3,900, terms 2/10, n/30. May 3 Pays cash for freight costs of $260 on books purchased from Readers. 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 $4,600 on account