Required information [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 $3,400, terms 2/10, n/30. May 3 Pays cash for freight costs of $210 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 $4,100 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.) View transaction list Journal entry worksheet Record purchase of books on account from Readers Wholesale for $3,400, terms 2/10, n/30. Note: Enter debits before credits. Date Credit General Journal Cost of Goods Sold Accounts Payable Debit 3,400 May 02 ... 3,400 Record entry Clear entry View general journal 7.16 points 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 not complete. No General Journal Credit Date May 02 Debit 3,400 Inventory Accounts Payable 3,400 2 May 03 210 Inventory Cash 210 May 05 350 Accounts Payable Inventory 350 4 May 10 Accounts Payable Inventory Cash May 30 Accounts Payable Sales Revenue 6 May 30 Cost of Goods Sold Inventory Required information [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 $3,400, terms 2/10, n/30. May 3 Pays cash for freight costs of $210 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 $4,100 on account. 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 Record period-end adjustment. Note: Enter debits before credits. General Journal Debit Credit Date May 31 Record entry Clear entry View general journal
