Littleton Books has the following transactions during May.

May 2	Purchases books on account from Readers Wholesale for $2,700, terms 210/210 , n30/30 .
May 3	Pays cash for freight costs of $140 on books purchased from Readers.
May 5	Returns books with a cost of $250 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 $3,400 on account.

Required:

1. Determine the financial statement effects of the transactions of Littleton Books, assuming the company uses a perpetual inventory system.

Complete this question by entering your answers in the tabs below. for the dates of may 2, may 3, may 5, may 10, may 30

list it out in a balance sheet and income statement