& Practice Assignment Gradebook Downloadable eTextbook ssignment FULL SCREEN PRINTER VERSION CES Exercise 8-7 Presented below are transactions related to Guillen, Inc. dy May 10 Purchased goods billed at 20,000 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at 15,000 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, 1/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discount discounts lost are to be treated as financial expense. (Credit account titles are automatically indented when the amount is entered. Do not i manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Credit Debit Date Account Titles and Explanation May 10 May 11 May 19 go AL DOLL May 11 score Results by Study May 19 May 24 Assuming no purchase or payment transactions other than those given above, prepare the adjusting entry required on May 31 f financial statements are to be prepared as of that date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit May 31 12 d ENG e L DELL PSC F42 F11 F10 F9 FB F7 F6 FS F4 F3 F2 20 * A $ % 9 8 7 5. 6 1