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The answer for the Cost of Goods Sold and Purchases accounts is not 2916.

16 Required Information Part 2 of 2 [The following information applies to the questions displayed below. A company has the following transactions during May. 0.1 points May 2 Purchases books on account from Readers Wholesale for $3,500, terms 2/10, n/30. May 3 Pays cash for freight costs of $220 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 $4,200 on account. & 01:37:29 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.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 May 31 Cost of Goods Sold Purchase Returns Purchase Discounts Purchases Freight-In OOOOO 3,136 X 300 64 3,136 X 220