As the accountant of Sara's Cupcakes of Cold Lake
(a) Journalize the following transactions in the purchases journal (page 10) or the general journal (page 2 ),
(b) Record and post as appropriate, and
(c) Prepare a schedule of accounts payable. (Beginning balances are in your working papers and in Problem 7A-2.)
Refer to Problem 7A-2,
Accounts Payable Ledger
Name _________________ Balance
Stanton Co. ...................... $790
Kenn Co. ........................ 1,240
Stacy Co. ........................ 2,615
King Co. .......................... 845
Partial General Ledger

2016
May 7 Purchased merchandise on account from Kenn Co., invoice No. 589, dated May 7, terms 2/10, n/60, $750.
10 Purchased merchandise on account from Stanton Co., invoice No. 1475, dated May 10, terms 2/10, n/60, $1,050.
14 Purchased store supplies on account from Stacy Co., invoice No. 713, dated May 13, $1,145.
15 Issued debit memo No. 5 to Stanton Co. for merchandise returned, $250, from invoice No. 1475.
19 Purchased office equipment on account from King Co., invoice No. 1160, dated May 18, $2,569.
23 Purchased additional store supplies on account from Stacy Co., invoice No. 786, dated May 23, terms 2/10, n/30, $875.
The food store has decided to use a separate column for merchandise purchases and one for the purchase of supplies in the purchases journal.

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Number Account Balance Store Supplies Office Equipment Accounts Payable Purchases Purchases Returns and Allowances $720 110 120 210 5,490 21,410 510 512