Required information [The following information applies to the questions displayed below.] A company has the following transactions during May. May 3 2 Purchases books on account from Readers Wholesale for $2,800, terms 3/10, n/30. Pays cash for freight costs of $150 on books purchased from Readers. 5 May May May 10 May 30 Sells all books purchased on May 2 (less those returned on May 5) for $3,500 on account. Returns books with a cost of $300 to Readers because part of the order is incorrect. Pays the full amount due to Readers. 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 Journal entry worksheet < 1 Record period-end adjustment. Note: Enter debits before credits. Date May 31 General Journal Debit Credit Record entry Clear entry View general journal >