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 fron Readers Wholesale for $2,900, terns 2/10, 1/30. 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. 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.) Answer is complete but not entirely correct. No General Journal Date May 02 Credit 1 Inventory Accounts Payable Debit 2,900 2.900 2 May 03 Inventory Cash 160 160 3 May 05 Accounts Payable Inventory 250 DO 250 1 May 02 2,900 Inventory Accounts Payable 2,900 2 May 03 160 Inventory Cash 160 3 May 05 Accounts Payable Inventory 250 250 4 May 10 2,900 Accounts Payable Cash Inventory 00 2,900 % 59 5 May 30 Accounts Receivable Sales Revenue 3,900 3,900 6 May 30 Cost of Goods Sold Inventory 2,891 2,891