Problem 7-5A Selected accounts from the chart of accounts of Fornelli Co. are shown below 101 Cash 306 Owner's Drawings 112 Accounts Receivable 401 Sales Revenue 120 Inventory 414 Sales Discounts 505 Cost of Goods Sold 126 Supplies 131 Prepaid Rent 631 Supplies Expense 201 Accounts Payable 729 Rent Expense 301 Owner's Capital Presented below are the purchases and cash payments journals for Fornelli Co. for its first month of operations PURCHASES JOURNAL P1 Inventory Dr. Date Account Credited Ref. Accounts Payable Cr. 6,900 July 4 N. Alvarado 7,100 5 F Rees 5,520 11 J. Gallup 13 C. Werly 14,900 8,280 20 M. Mangus 42,700