Calculator Purchase Transactions and T Accounts Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter. Use a new set of T accounts for each set of transactions 1-4 1. Purchase of merchandise with cash. Post the transactions in the given order a. Merchandise is purchased for cash, $1,900. b. Merchandise listed at $3,500, less a trade discount of 15%, is purchased for cash. Cash Purchases 2. Purchase of merchandise on account with credit terms. a. Merchandise is purchased on account, credit terms 2/10, n/30, $2,000. b. Merchandise is purchased on account, credit terms 3/10, n/30, $1,490. c. Payment is made on invoice (a) within the discount period. d. Payment is made on invoice (b) too late to receive the cash discount. 9/2019 Calculator 2. Purchase of merchandise on account with credit terms. a. Merchandise is purchased on account, credit terms 2/10, n/30, $2,000. b. Merchandise is purchased on account, credit terms 3/10, n/30, $1,490. c. Payment is made on invoice (a) within the discount period. d. Payment is made on invoice (b) too late to receive the cash discount Cash Accounts Payable Purchases Purchases Discounts