Littleton Books has the following transactions during May.

May $2$ Purchases books on account from Readers Wholesale for $$3,300,$ terms $\frac{1}{10},\frac{n}{30}.$

May $3$ Pays cash for freight costs of $$200$ on books purchased from Readers.

May $5$ Returns books with a cost of $$400$ 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 $$4,000$ on account.

Required:

Record the transactions of Littleton Books, assuming the company uses a periodic inventory system.

Record the period$-$end adjusting entry to cost of goods sold on May $31,$ assuming the company has no beginning or ending inventory.

Complete this question by entering your answers in the tabs below.

Required $2$

Record the period$-$end adjusting entry to cost of goods sold on May $31,$ assuming the company has no beginning or ending inventory. no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

View transaction list

Journal entry worksheet

$1$

Record the period$-$end adjusting entry.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$May $31,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$