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Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $2,900, terms 2/10, n/30. May 3 Pays
Littleton Books has the following transactions during May.
May | 2 | Purchases books on account from Readers Wholesale for $2,900, terms 2/10, n/30. | ||
May | 3 | Pays cash for freight costs of $160 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 $3,600 on account. |
2. Assume that payment to Readers is made on May 24 instead of May 10. Record this payment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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