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Exercise 6-17 (Algo) Record transactions using a periodic system (LO6-8) Littleton Books has the following...

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Exercise 6-17 (Algo) Record transactions using a periodic system (LO6-8) Littleton Books has the following transactions during May May 2 Purchaset books on account from Readers hholesale for $2,300, terms 2/16, n/3e. May 3 Pays cash for freight costs of $100 on books purchased from Readers. May 5 Returns books with a cost of $38 to Readers because part of the order is incorrect. May 18 Pays the full amount due to Readers. May 3 sells all books purchased on May 2 (less those returned on May 5) for 53 , eee on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a periodic inventoly system 2. Record the period-end adjusting entry to cost of goods sold on May 31 , assuming the company has no beginning or ending inventory. Journal entry worksheet 6 Record purchase of books on account from Readers Wholesale for $2,300, terms 2/10,n/30. Note: Enter debits before credits. Journal entry worksheet Record the period-end adjusting entry. Note: Enter debits before credits

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