Littleton Books has the following transactions during May. May 2 Purcheses books an account from Reeders Wholesale for $3,200, terms 2/10, n/30. May 3 Pays cash for freight costs of $19e on books purchased from Readers. May 5 Returns books with a cost of $250 to Readers because part of the order 15 incorrect, May 16 pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5 ) for $3,999 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a periodic inventory 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. 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.] Record the period-end adjusting entry 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.)
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