Presented below are transactions related to Windsor, Inc May 10 Purchased goods billed at $16,200 subject to cash discount terms of 2 10, n 60 11 Purchased goods billed at $15,800 subject to terms of 1 15, n 30 19 Paid invoice of May 10 24 Purchased goods billed at $14,900 subject to cash discount terms of 2 10, n 30 Part 1 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 0 for the amounts Round answers to 0 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 10May 11May 19May 24 May 10May 11May 19May 24 May 10May 11May 19May 24 May 10May 11May 19May 24 List of Accounts Assistance Used Accounts Payable Accounts Receivable Allowance to Reduce Inventory to LIFO Cash Cost of Goods Sold Finished Goods Inventory Inventory No Entry Prepaid Insurance Purchases Purchase Discounts Purchase Discounts Lost Purchase Returns and Allowances Raw Materials Inventory Sales Returns and Allowances Sales Revenue Withholding Taxes Payable Work in Process Part 2 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 Round answers to 0 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 List of Accounts Assistance Used Accounts Payable Accounts Receivable Allowance to Reduce Inventory to LIFO Cash Cost of Goods Sold Finished Goods Inventory Inventory No Entry Prepaid Insurance Purchases Purchase Discounts Purchase Discounts Lost Purchase Returns and Allowances Raw Materials Inventory Sales Returns and Allowances Sales Revenue Withholding Taxes Payable Work in Process

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Presented below are transactions related to Windsor, Inc. May 10 Purchased goods billed at $16,200 subject to cash discount terms of 2/10, n/60. 11 Purchased

Presented below are transactions related to Windsor, Inc.

May 10		Purchased goods billed at $16,200 subject to cash discount terms of 2/10, n/60.
11		Purchased goods billed at $15,800 subject to terms of 1/15, n/30.
19		Paid invoice of May 10.
24		Purchased goods billed at $14,900 subject to cash discount terms of 2/10, n/30.

Part 1

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 0 for the amounts. Round answers to 0 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 10May 11May 19May 24

May 10May 11May 19May 24

May 10May 11May 19May 24

May 10May 11May 19May 24

List of Accounts

Assistance Used

Accounts Payable
Accounts Receivable
Allowance to Reduce Inventory to LIFO
Cash
Cost of Goods Sold
Finished Goods Inventory
Inventory
No Entry
Prepaid Insurance
Purchases
Purchase Discounts
Purchase Discounts Lost
Purchase Returns and Allowances
Raw Materials Inventory
Sales Returns and Allowances
Sales Revenue
Withholding Taxes Payable
Work-in-Process

Part 2

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. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)