Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May.

Prepare headings for a purchases journal like the one in Exhibit 7.9. Journalize the May transactions that should be recorded in the purchases journal

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May 1 Purchased $10,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $900 on credit to G. Seles for $1,500 subject to a $30 sales discount if paid by the end of the month. 14 Purchased $240 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $260 of office supplies on credit from Monder Company, terms n/30. 24 28 Sold merchandise costing $400 to D. Air for $650 cash. Purchased store supplies from Porter's for $90 cash. 29 Paid Krause, Inc., $10,100 cash for the merchandise purchased on May 1.