Prepare the adjusting entry required on May

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Problem - Presented below are transactions related to Tom Brokaw, Inc.

May 10 Purchased goods billed at $33,000 subject to cash discount terms of 2/10, n/60.

May 11 Purchased goods billed at $22,900 subject to terms of 1/15, n/30.

May 19 Paid invoice of May 10.

May 24 Purchased goods billed at $16,800 subject to cash discount terms of 2/10, n/30.

Required - 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.

Reference no: EM132459096

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