Bailey Company (buyer) and Suarez, Incorporated (seller), engaged in the following transactions during January 20X1: Bailey Company DATE TRANSACTIONS 20x, less cash discount of $46. January 10, 20X1 Purchased merchandise for $1,650 from Suarez, Incorporated, Invoice 1920 ; terms 2/10, n/30. the goods were purchased on Invoice 1920, dated January 10. the cash discount, Check 2130. January 30, 20X1 Purchased merchandise for $3,500 from Suarez, Incorporated, Invoice 1950 ; terms 2/10, n/30. GENERAL LEDGER ACCOUNTS-BAILEY COMPANY 201 Accounts Payable, $2,300 Credit ACCOUNTS PAYABLE LEDGER ACCOUNT-BAILEY COMPANY Suarez, Incorporated, \$2,300 Suarez, Incorporated DATE TRANSACTIONS less cash discount of $46. January 10, 20X1 Sold merchandise for $1,650 on account to Bailey Company, Invoice 1920 , terms 2/10, n/30. were purchased on Invoice 1920, dated January 10. cash discount. January 30, 20X1 Sold merchandise for $3,500 to Bailey Company, Invoice 1950; terms 2/10, n/30. GENERAL LEDGER ACCOUNTS-SUAREZ, INCORPORATED 111 Accounts Receivable, \$2,300 Debit ACCOUNTS RECEIVABLE LEDGER ACCOUNT-SUAREZ, INCORPORATED Bailey Company, $2,300 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? Record these transactions in a general journal for Bailey Company assuming that they use the periodic system. Journal entry worksheet 5 Issued Check 2101 for $2,254 on account to Suarez, Incorporated, in payment of Invoice 1885 , dated December 30,200, less cash discount of $46. Note: Enter debits before credits. Record these transactions in a general journal for Suarez, Incorporated assuming that they use the periodic system. Journal entry worksheet 5 Received payment of $2,254 on account from Bailey Company in payment of Invoice 1885 , dated December 30,200, less cash discount of $46. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. 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