Presented below are transactions related to Crane, Inc. May 10 Purchased goods billed at $15,800 subject to cash discount terms of 2/10,n/60. 11 Purchased goods billed at $13,800 subject to terms of 1/15,n/30. 19. Paid invoice of May 10. 24 Purchased goods billed at $10,300 subject to cash discount terms of 2/10,n/30. (a) Your answer is correct. Prepare general journal entries for the transactiort: 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. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 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.)