Required information Exercise 6-17A Record transactions using a periodic system (LO6-8) [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 $3,900, terms 2/10, n/30. May 3 Pays cash for freight costs of $260 on books purchased from Readers. May 5 Returns books with a cost of $400 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 $4,600 on account. Exercise 6-17A Part 1 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 complete but not entirely correct. No Date General Journal Debit Credit 1 May 02 3,900 Purchases Accounts Payable 3,900 2 May 03 260 Freight-In Cash OO 260 3 May 05 400 Accounts Payable Purchase Returns 400 4 May 10 3,500 Accounts Payable Purchase Discounts Cash 70 3,430 5 May 30 4,600 Accounts Receivable Sales Revenue 4,600 6 30 x Cost of Goods Sold Purchase Returns Purchase Discounts Purchases Freight-In 3,690 X 400 70 X x 3,900 260