Exercise 7-7 Cash payments journal P4 Marx Supply uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a cash payments journal like the one in Exhibit 7.11. Journalize the following transactions that should be recorded in the cash payments journal. Apr. 3 9 12 n/30. Purchased merchandise for $2,950 on credit from Seth, Inc., terms 2/10, Issued Check No. 210 to Kitt Corp. to buy store supplies for $650. Sold merchandise costing $500 to C. Myrs for $770 on credit, terms n/30. 17 Issued Check No. 211 for $1,400 to pay off a note payable to City Bank. Purchased merchandise for $4,500 on credit from Lite, terms 2/10, n/30. Issued Check No. 212 to Lite to pay the amount due for the April 20 purchase less the $90 discount. 20 20 28 29 30 Paid salary of $1,800 to B. Dock by issuing Check No. 213. Issued Check No. 214 to Seth, Inc., for $2,950 to pay for the April 3 purchase. Exercise 7-8 Identifying journal of entry P1 P2 P3 P4 Refer to Exercise 7-7 and for each of the transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal