May 2 Purchases books on account from Readers Wholesale for $3,300, terms 1/10, 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 $4,600 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.) Answer is complete but not entirely correct. No General Journal Credit Date May 02 Debit 3,300 Purchases Accounts Payable 3,300 May 03 May 03 200 Freight-In Cash 200 3 May 05 400 Accounts Payable Purchase Returns 400 May 10 2,900 Accounts Payable Purchase Discounts Cash 29 2,871 May 30 4,000 Accounts Receivable Sales Revenue 4,000 May 30 3.071 x Cost of Goods Sold Inventory 3,071