Bailey Company (buyer) and Suarez, Incorporated (seller), engaged in the following transactions during January 201 : Bailey Company DATE TRANSACTIONS January 8,201 Issued Check 2101 for $2,744 on account to Suarez, Incorporated, in payment of Invoice 1885 , dated December 30,200, less cash discount of $56. January 10, 20x1 Purchased merchandise for $1,900 from Suarez, Incorporated, Invoice 1920; terms 2/10,n/30. January 15, 20x1 Received Credit Memorandum 320 from Suarez, Incorporated, for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1920, dated January 10. January 19, 20x1 Paid amount due to Suarez, Incorporated, for Invoice 1920 of January 10, less the return of January 15 and less the cash discount, Check 2130. January 30, 20x1 Purchased merchandise for $4,000 from Suarez, Incorporated, Invoice 1950; terms 2/10,n/30. GENERAL LEDGER ACCOUNTS-BAILEY COMPANY 201 Accounts Payable, $2,800 Credit ACCOUNTS PAYABLE LEDGER ACCOUNT-BAILEY COMPANY Suarez, Incorporated, $2,800 Suarez, Incorporated DATE TRANSACTIONS January 8,201 Received payment of $2,744 on account from Bailey Company in payment of Invoice 1885 , dated December 30,200, less cash discount of $56. January 10,201 Sold merchandise for $1,900 on account to Bailey Company, Invoice 1920, terms 2/10,n/30. January 15,201 Issued Credit Memorandum 320 to Bailey Company for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1920, dated January 10. January 19, 20X1 Received payment from Bailey Company for Invoice 1920 of January 10 , less the return of January 15 and less the cash discount. January 30,201 Sold merchandise for $4,000 to Bailey Company, Invoice 1950 ; terms 2/10,n/30. GENERAL LEDGER ACCOUNTS-SUAREZ, INCORPORATED 111 Accounts Receivable, $2,800 Debit ACCOUNTS RECEIVABLE LEDGER ACCOUNT-SUAREZ, INCORPORATED Bailey Company, $2,800 Required: 1a. Journalize the transactions above in a general journal for Bailey Company. 1b. Journalize the transactions above in a general journal for Suarez, Incorporated 2. Post the transactions to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger for Bailey Company. 3. Post the transactions to the appropriate accounts in the general ledger and the accounts receivable subsidiary ledger for Suarez, Incorporated Analyze: What is the balance of the accounts payable for Suarez, Incorporated, in the Bailey Company accounts payable subsidiary ledger? What is the balance of the accounts receivable for Bailey Company in the Suarez, Incorporated, accounts receivable subsidiary ledger