Presented below are transactions related to Skysong, Inc. May 10 11 19 Purchased goods billed at $15,600 subject to cash discount terms of 2/10, 1/60. Purchased goods billed at $14,600 subject to terms of 1/15.n/30. Paid invoice of May 10. Purchased goods billed at $14,100 subject to cash discount terms of 2/10,n/30. 24 (a) Your answer is correct. 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. (If no entry is required, select "No entry for the account titles and enter for the amounts. Round answers to decimal places, eg, 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 10 Purchases 15.288 Date Account Titles and Explanation Debit Credit Purchases 15.288 May 10 Accounts Payable 15.288 May 11 Purchases 14,454 14,454 Accounts Payable 15,288 May 19 Accounts Payable 15.288 Cash 13,818 May 24 V Purchases 13,818 Accounts Payable (b) Assuming no purchase or payment transactions other than those given above, prepare the adjusting entry required on May 3111 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 decimal places, eg. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation May 31