Derek Dempsey owns a retail furniture store. The books include a cash payments journal and an accounts payable ledger. All cash payments (except petty cash) are entered in cash payments journal. Selected account balances as of July 1 are as follows: General Ledger Cash Accounts Payable Accounts Payable Ledger $38,000 18,000 Middle Town Co. $2,800 Montauk Unlimited 1,800 Rolling Hills & Co. Sunrise Inc. 10,200 3,200 July 1 Issued Check No. 536 in payment of July rent (Rent Expense), $2,500. 2 Issued Check No. 538 to Rolling Hills & Co. in partial payment for merchandise purchased on account, $4,200. A cash discount was not allowed. Issued Check No. 539 to Middle Town Co. for merchandise purchased on account $2,800, less a 1% discount. Check was written for $2,772. The following are transactions related to cash payments during the month of July: 7 11 Issued Check No. 537 to Montauk Unlimited in payment of merchandise purchased on account $1,800, less a 2% cash discount. Check was written for $1,764. 14 Issued Check No. 540 to City Power and Light (Utilities Expense), $1,230. 18 Issued Check No. 541 to Oak Warehouse for a cash purchase of merchandise, $4,260. 23 31 Issued Check No. 542 to Sunrise Inc. for merchandise purchased on account, $3,200, less a 3% cash discount. Check was written for $3,104. Issued Check No. 543 to Central Freight Lines for freight charges on merchandise purchased (Freight-In), $920. Required: 1. Enter the transactions in a cash payments journal. Total, rule, and prove the cash payments journal. If an amount box does not require an entry, leave it blank. 2. Post from the cash payments journal to the general ledger and the accounts payable ledger. If an amount box does not require an entry, leave it blank. Enter transactions in chronological order. If your answer is zero '0', enter '0'. GENERAL LEDGER ACCOUNT Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT July 1 Balance 38,000 CP4 ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Balance CP4 ACCOUNT Purchases ACCOUNT NO. 501 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT CP4 ACCOUNT Purchases Discounts ACCOUNT NO. 501.2 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CP4 CREDIT ACCOUNT Freight-In ACCOUNT NO. 502 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT CP4 ACCOUNT Rent Expense ACCOUNT NO. 521 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT CP4 ACCOUNT Utilities Expense ACCOUNT NO. 541 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT CP4 ACCOUNTS PAYABLE LEDGER ACCOUNT ACCOUNTS PAYABLE LEDGER Middle Town Co. DATE ITEM POST. REF. DEBIT CREDIT BALANCE Balance CP4 ACCOUNT Montauk Unlimited DATE ITEM POST. REF. DEBIT CREDIT BALANCE Balance CP4 ACCOUNT Rolling Hills & Co. DATE ITEM POST. REF. DEBIT CREDIT BALANCE Balance ACCOUNT Sunrise Inc. CP4 DATE ITEM POST. REF. DEBIT CREDIT BALANCE Balance CP4