D: B Ray Polo owns a variety store called Stars Forever. The following are purchases o discounts for the month of March. 4. Mar. 2 Purchased $2,000 of merchandise from Sundance Furniture Invoice on account, 2177, with a 1% trade discount. Credit terms 2/10, n/30 2 Paid rent for the month of March. Issued Check 145 for $2,100 8 Purchadise from Taylor Supplies. Issued Check 146 for $1,650. 400 of merchandise from Fuentes Co. on account, Invoice 2178 Credit terms 1/15, n/30. 11 Returned $400 of the merchandise from Fuentes Co. Received Credit Memorandum 1 1 Paid Invoice 2177 to Sundance Furniture. Issued Check 147 for $1,940.40 2 13 erchandise (included $150 freight) from Sky Divers Inc. Purchased $3,700 of m on account, Invoice 2179. Credit terms 1/10, n/30, FOB shipping point. Credit terms 2/10, n/30. 16 Purchased $210 of office supplies from Willow Inc. on account, Invoice 2180. 23 Paid Invoice 2178 to Fuentes Co. Issued Check 148 for $1,980 26 Paid Invoice 2179 to Sky Divers Inc. Issued Check 149 for $3,700 27 Purchased $1,745 of merchandise from Sundance Furniture on account, Invoice 2181. Credit terms 2/10, n/30. A partial chart of accounts is as follows (assume Cash has an existing balance of $20,000): 101 Cash 142 Office Supplies 202 Accounts Payable 501 Purchases 501.1 Purchases Returns and Allowances 501.2 Purchases Discounts 502 Freight-In 521 Rent Expense Required 1. Journalize the above transactions 2. Post to the proper general ledger and accounts payable ledger accounts. Remember to use posting references. 3. Prepare a schedule of accounts payable. Page 6 PURCHASES JOURNAL Purchases Debit/ Post Accounts Payable Ref Invoice Credit From Whom Purchased Date 0. 17