Required information [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $2,500, terms 2/10, n/30. May 3 Pays cash for freight costs of $120 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 $3,200 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.) View transaction list Journal entry worksheet < 1 Record the cash paid on account. Note: Enter debits before credits. Date May 24 General Journal Debit Credit Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $2,500, terms 2/10, n/30. May 3 Pays cash for freight costs of $120 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 $3,200 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet Record purchase of books on account from Readers Wholesale for $2,500, terms 2/10, n/30. Record payment of cash for freight costs of $120 on books purchased from Readers. Record return of books with a cost of $250 to Readers because part of the order is incorrect. Debit Credit 2,500 2,500 120 120 250 250 Record payment of the full amount due to Readers. Record the sale of inventory on account. 2,250 45 2,205 Record cost of inventory sold. 3,200 3,200 journal entry has been entered 6 May 30 Cost of Goods Sold 2,205 Inventory 2,205