Presented below are transactions related to Splish, Inc. Splish uses the periodic inventory method. May 10 Purchased goods billed at $16,900 subject to cash discount terms of 2/10,n/60. 11 Purchased goods billed at $12,100 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $9.900 subject to cash discount terms of 2/10,n/30. (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 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 10 Purchases 16562 Accounts Payable 1656 May 11 V Purchases 11979 Accounts Payable 1192 May 19 Accounts Payable 16562 Cash 165 May 24 7 Purchases 9702 Accounts Payable 97 e Textbook and Media List of Accounts Attempts: 2 of 15 used 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 O for the amounts. Round answers to 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