Required information (The following information applies to the questions displayed below.) A company has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,700, terms 2/10, n/30. May 3 Pays cash for freight costs $240 on books purchased from Readers. May 5 Returns books with a cost of $350 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 $4,400 on account. Required: 1. Record the transactions of the company, 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 not complete. No Date General Journal Debit Credit 1 May 02 3,700 Purchases Accounts Payable 3,700 2 May 03 240 Freight-In Cash 240 3 May 05 350 Accounts Payable Purchase Returns 350 4 May 10 3,350 Accounts Payable Purchase Discounts 67 5 May 30 4,400 Accounts Receivable Sales Revenue 4,400 6 May 30 No Journal Entry Required Gain X