Exercise 6-17A Record transactions using a periodic system (LO6-8) [The following information applies to the questions displayed below.) Part 1 of 2 Littleton Books has the following transactions during May May 2 Purchases books on account from Readers Wholesale for $3,700, terms 2/10, n/30. May 3 Pays cash for freight costs of $240 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 $4,400 on account. points eBook Exercise 6-17A Part 1 Hint Print References Required: 1. Record the transactions of Littleton Books, assuming the company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date May 02 Debit 3,700 Purchases Accounts Payable 3,700 2 May 03 240 Freight-In Cash 240 May 05 350 Accounts Payable Purchase Returns 350 Required information No Part 1 of 2 General Journal Credit Date May 02 Debit 3,700 Purchases Accounts Payable 3,700 points 2 May 03 240 Freight-In Cash 240 eBook w May 05 350 Hint Accounts Payable Purchase Returns 350 Print References 3,350 Accounts Payable Purchase Discounts Cash 3,290 5 4,400 Accounts Receivable Sales Revenue 4,400 May 30 Cost of Goods Sold Purchase Discounts Purchases Freight-In Required information Part 2 of 2 2. Record the period-end adjustment to cost of goods sold on May 31, assuming the company has no beginning or ending inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list points Skipped Journal entry worksheet