E2-14A. The Account The following transactions occurred during December, the first month of operations for Farly Company. Prepare journal entries and create a T-account for accounts payable that includes the following five transactions. 1. 2. 3. Purchased $900 of inventory on account. Purchased $200 of inventory on account. Paid suppliers $550. 4. Purchased $500 of inventory on account. 5. Paid suppliers $300. LO