Sells all books purchased on May 2 (less those returned on May 5) for $4,300 on
ID: 2415119 • Letter: S
Question
Sells all books purchased on May 2 (less those returned on May 5) for $4,300 on account.
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 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.)
Littleton Books has the following transactions during May.Explanation / Answer
May 2
Purchases a/c Dr 3600
To readers wholesale 3600
May 3
Purchases a/c Dr 230
To cash/Bank a/c 230
May 5
Readers wholesale a/c Dr 300
To purchase returns 300
May 10
Readers wholesale a/c Dr 3300
To discount (1/10 n 30) 33
To cash/Bank 3267
May 30
Cash/Bank a/c Dr 4300
To sales a/c 4300
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