Exercise 8-07 (Part Level Submission) Presented below are transactions related to Vaughn, Inc. May 10 Purchased goods billed at $11,900 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $15,700 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $14,000 subject to cash discount terms of 2/10, n/30. ale Debit Credit Date Account Titles and Explanation May 10 Purchases 11662 2 ple Accounts Payable 11662 May 11 purchases 15543 ole accounts payable 15543 OB inte 0.82 May 19 accounts payable 11662 cash 11662 189 May 24 purchases 13720 re Accounts Payable 13720 Assuming no purchase or payment transactions other than those given above, prepare the adjusting entry required on May 31 of financial statements are to be prepared as of that date. (If no entry is required, select "No entry for the account titles and enter for the amounts. Round answers to o decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit May 31