Question: 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.
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