B) Assuming no purchase or payment transactions other than those given above, prepare the adjusting entry required on May 31 if financial statements are to be prepared as of that date. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 6,578.00 Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 7 Part Level Submission) Presented below are transactions related to Ayayai, Ic May 10 Purchased goods billed at $14,900 subject to cash discount terms of 2/10, ny60 11 Purchased goods billed at S17,200 subject to temns of 1/15, n/30 19 Paid invoice of May 10 24 Purchased goods billed at $10,000 subject to cash discount terms of 2/10, V3o (a) Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense(If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places,eg.6,578. Credit account tities are automaticaly indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation