Presented below are transactions related to Coronado, Inc. May 10 Purchased goods billed at $16,400 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $15,500 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $10,600 subject to cash discount terms of 2/10, n/30. Collapse question part (a) 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.
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