Some of the transactions of Syracuse Company during May are listed below. Syracuse uses the periodic inventory method.

May 10 - Purchased merchandise on account, $12,000, terms 2/10, n/30.

May 13 - Returned part of the purchase of August 10, $1,200, and received credit on account.

May 15 - Purchased merchandise on account, $16,000, terms 1/10, n/60.

May 25 - Purchased merchandise on account, $20,000, terms 2/10, n/30.

May 28 - Paid invoice of August 15 in full.

Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses:

1. Prepare general journal entries to enter the transactions.

2. Prepare the adjusting entry necessary on August 31 if financial statements are to be prepared at that time.