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Record the transactions of the company

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Question - A company 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 - Record the transactions of the company, assuming the company uses a perpetual inventory system.

Reference no: EM132504865

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