During August. Silicon Valley Sporting Goods had the following transactions: Aug. 1 Paid $490 on account to Rabin Associates, net of a $10 discount for an earlier purchase of inventory. Purchased inventory for cash. $4.300. 5 9 Paid $375 for supplies. 15 16 21 26 30 Required Purchased inventory on credit from Monroe Corporation, $774. Paid $4,062 on account to LaGrange Company; there was no discount. Purchased furniture for cash, $960. Paid $3,910 on account to VisioNet Software for an earlier purchase of inven- tory. The discount was $90. Made a semiannual interest payment of $800 on a long-term note payable. The entire payment was for interest. 1. Prepare a cash payments journal similar to the one illustrated in this chapter. Omit the check number (Ck. No.) and posting reference (Post. Ref.) columns. 2. Record the transactions in the journal. Which transaction should not be recorded in the cash payments journal? In what journal does it belong? 3. Total the amount columns of the journal. Determine that total debits equal total credits.