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Required information [The following information applies to the questions displayed below. Littleton Books has the following transactions during May May 2 Purchases bo s on

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Required information [The following information applies to the questions displayed below. Littleton Books has the following transactions during May May 2 Purchases bo s on account from Readers Wholesale for $3,800, terms 2/10, n/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. Answer is complete but not entirely correct. No Date General Journal Credit Debit 3,800 May 02 Inventory Accounts Receivable 3,800 May 03 250 Inventory Cash 250 May 05 0 Accounts Payable A Inventory May 10 Accounts Payable 0 0 Cash Accounts Receivable Sales Revenu 0 Cost of Goods Sold Inventory 0

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