Check m Exercise 6-17 (Algo) Record transactions using a periodic system (LO6-8) Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,400, terms 2/10, n/30. May 3 Pays cash for freight costs of $210 on books purchased from Readers. May 5 Returns books with a cost of $350 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 $4,100 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on May 31, assuming the company has no beginning on ending inventory. bok int rint rences Journal entry worksheet < 2 Record cost of inventory sold. 5 6 > Note: Enter debits before credits. Date General Journali Debit Credit May 30 ok ht Required 1 Required 2 Record the period-end adjusting entry to cost of goods sold on May 31, assuming the company has no entry is required for a transaction/event, select "No Journal Entry Required" in the first account F View transaction list Journal entry worksheet 1 nt < ences Record the period-end adjusting entry. Note: Enter debits before credits. Date May 31 General Journal Debit Credit