Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,100, terms 2/10, n/30.May 3 Pays cash for freight costs of $180 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 $3,800 on account.Exercise 6-9 (Algo) Part 1Required:1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system.

The following information pertains to Poorten Company.1. Cash balance per bank statement on May 31st is $14,280.2. A debit memorandum on the May bank statement shows an NSF check for $175 from Copple Co., a customer. 3. Cash balance per books at May 31st is $13,307.4. Deposits in transit at May 31st total $1,752.5. Bank collected $505 note for Poorten in May, plus interest of $25, less a fee of $15. The collection has not been recorded by Poorten, and no interest has been accrued.6. Outstanding checks at May 31st total $2,410.7. Review of May bank statement shows a bank service charge not recorded by Poorten for $25.After completing the bank reconciliation, what is the adjusted cash balance Poorten Company will report report on its Balance Sheet at May 31, 2020?Group of answer choices$13,612$16,032$13,824$13,622

Books costing $16 each are sold for $10 each.What is the loss per book?

When the local used bookstore prices Economics books at $15.00 each, they generally sell 70 per month. If they lower the price to $7.00 each they sell 90. Given this, we know that the elasticity of demand for economics books isa.2.91, so this store should raise price to raise total revenue.b.0.34, so this store should lower price to raise total revenue.c.0.34, so this store should raise price to raise total revenue.d.2.91, so this store should lower price to raise total revenue.

On May 1, there were 4 inventory items that cost $30 each. On May 5, 2 items were purchased for $35 each. Given one item from the beginning inventory and one from the May 5 inventory were sold, under the inventory method, cost of goods sold would equal $65.

A company budgeted the following purchases for raw materials:Month January February March April May June JulyBudget $10,000 $20,000 $25,000 $22,000 $27,000 $30,000 $24,000The company has a policy of paying for 40% of the purchases in the month of purchase, 35% in the month following the purchase, and 25% in the second month following the purchase.Based on this information, what are the budgeted cash disbursements for May? $18,500 $27,300 $25,050 $24,750