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below are the transactions for a bookstore for the month of may. May 3rd: Purchased book inventory for the shop on account May 19th: Sold
below are the transactions for a bookstore for the month of may.
- May 3rd: Purchased book inventory for the shop on account
- May 19th: Sold all of the May 3rd book inventory for $599 in total
- May 24th: Paid off the account payable related to the book inventory purchased on May 3rd
- May 31st: Incurred and paid rent expense of $121
if the net income for the bookstore is $283, how much was paid in total by the bookstore for the book inventory purchased on the 3rd of may? (Assume there were no other transactions besides the ones listed above for the month of May)
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