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 $3,500, terms 2/10, n/30. May 3 Pays cash for freight costs of $220 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 $4,200 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.) Return to question 7 Part 2 of 2 Required information The following information applies to the questions displayed below.) Littleton Books has the following transactions during May. 10 Doints May 2 Purchases books on account fron Readers Wholesale for $3,500, terms 2/10, 1/30. May 3 Pays cash for freight costs of $220 on books purchased fron Readers. May 5 Returns books with a cost of $300 to Readers because part of the order is incorrect. May 10 Pays the full anount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,200 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.)