Required information (The following information applies to the questions displayed below.] A company has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $2,300, terms 2/10, n/30. May 3 Pays cash for freight costs of $100 on books purchased from Readers. May 5 Returns books with a cost of $300 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 $3,000 on account. Required: 1. Record the transactions of the company, 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.) X Answer is not complete. No General Journal Credit Date May 02 Debit 2,300 1 Purchases Accounts Payable 2,300 May 03 x 1001 Freight-In Cash 100 3 May 05 ~ 300 Accounts Payable Purchase Returns 300 Required information [The following information applies to the questions displayed below.) A company has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $2,300, terms 2/10, n/30. May 3 Pays cash for freight costs of $100 on books purchased from Readers. May 5 Returns books with a cost of $300 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 $3,000 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