Answer and Explanation:
The journal entries are shown below:
On May 10
Purchases ($16,400 × 98%) $16,072
To Accounts Payable $16,072
(Being the purchase of goods is recorded)
On May 11
Purchases ($15,500 × 99 %) $15,345
To Accounts Payable $15,345
(Being the purchase of goods is recorded)
On May 19
Accounts Payable $16,072
To Cash $16,072
(Being the payment of cash is recorded)
On May 24
Purchases ($10,600 × 98%) 10,388
To Accounts Payable 10,388
(Being the purchase of goods is recorded)
