E7.7 (LO 2) (Purchases Recorded Net) Presented below are transactions related to Tom Brokaw, Inc. May 10 Purchased goods billed at $15,000 subject to cash discount terms of 2/10,n/60. 11 Purchased goods billed at $13,200 subject to terms of 1/15,n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $11,500 subject to cash discount terms of 2/10,n/30. Instructions 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. Scanned with CamScanner