Required information Exercise 6-17A Record transactions using a periodic system (L06-8) The following information applies to the questions displayed below. Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $4,000, terms 1/10, n/30. May 3 Pays cash for freight costs of $270 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 $4,700 on account. Exercise 6-17A Part 1 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.) Required information Exercise 6-17A Record transactions using a periodic system (LO6-8) The following information applies to the questions displayed below.) Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $4,000, terms 1/10, n/30. May 3 Pays cash for freight costs of $270 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 $4,700 on account. Exercise 6-17A Part 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.)