Littleton Books has the following transactions during May.

May 2	Purchases books on account from Readers Wholesale for $3,800, terms 210/210 , n30/30 .
May 3	Pays cash for freight costs of $250 on books purchased from Readers.
May 5	Returns books with a cost of $200 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 $4,500 on account.

Required:

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

Required:

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

Balance Sheet	Income Statement
Assets	Liabilities	Stockholders' Equity	Revenues	Expenses	Net Income
Common Stock	Retained Earnings

Balance Sheet	Income Statement
Assets	Liabilities	Stockholders' Equity	Revenues	Expenses	Net Income
Common Stock	Retained Earnings

Balance Sheet	Income Statement
Assets	Liabilities	Stockholders' Equity	Revenues	Expenses	Net Income
Common Stock	Retained Earnings

Balance Sheet	Income Statement
Assets	Liabilities	Stockholders' Equity	Revenues	Expenses	Net Income
Common Stock	Retained Earnings

Balance Sheet	Income Statement
Assets	Liabilities	Stockholders' Equity	Revenues	Expenses	Net Income
Common Stock	Retained Earnings