Littleton Books has the following transactions during May May 2 Purchases books on account from Readers Wholesale for $3,600, terms 1 10, n 30 May 3 Pays freight costs of $230 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 $4,300 on account 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 ) 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 )

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Posted on Oct 01, 2024

Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,600, terms 1/10, n/30. May 3 Pays

Littleton Books has the following transactions during May.

May 2

Purchases books on account from Readers Wholesale for $3,600, terms 1/10, n/30.

May 3

Pays freight costs of $230 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 $4,300 on account.

Required:

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.)

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.)