Account Cash Account No. 101 Problem 21 Ray Polo owns a variety store called Stars Forever. The following are purchases of inventory, returns, and discounts for the month of March. March 2. 8 12. 13 Purchased $2,000 of merchandise from Sundance Furniture on account, Invoice No. 2177. Credit terms are 2/10, n/30/ Purchased $2,400 of merchandise from Fuentes Co. on account, Invoice No. 2178. Credit terms are 1/15, n/30. Paid Invoice No. 2177 to Sundance Furniture. Issued check #146 for $1,960 Purchased $3,700 of merchandise from Sky Divers, Inc. on account, Invoice No. 2179. Credit terms are 1/10, n/30. FOB shipping point Paid Invoice No. 2178 to Fuentes Co. Issued check #147 for $2,376. Paid Invoice No. 2179 to Sky Divers, Inc. Issued check #148 for $3,700. 23 26 A partial chart of accounts is as follows (assume Cash has an existing balance of $20,000) 101 202 501 501.2 Cash Accounts Payable Purchases Purchases Discounts Required: 1) 2) Journalize the above transactions. Post the proper general ledger and accounts payable ledger accounts. Remember to use posting references. Prepare a schedule of accounts payable. 3)