Presented below are transactions related to Concord, Inc.

May

$10$

Purchased goods billed at $$12,300$ subject to cash

discount terms of $2/10,$ n$/60.$

$11$

Purchased goods billed at $$12,500$ subject to terms

of $1/15,$ n$/30.$

$19$ Paid invoice of May $10.$

$24$

Purchased goods billed at $$13,900$ subject to cash

discount terms of $2/10,$ n$/30.$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. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before

credit entry.$)$

Date Account Titles and Explanation

Debit

Credit

May $31$

Purchase Discounts

Accounts Payable