QS 7-6 Purchases journal-perpetual LO P1 Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May. May 1 Purchased $11,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $940 on credit to G. Seles for $1,700 subject to a $32 sales discount if paid by the end of the month. 14 Purchased $260 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $280 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $420 to D. Air for $710 cash. 28 Purchased store supplies from Porter's for $94 cash. 29 Paid Krause, Inc., $11,100 cash for the merchandise purchased on May 1. Journalize the May transactions that should be recorded in the purchases journal assuming the perpetual inventory system is used. PURCHASES JOURNAL Date of Accounts Office Other Invoice Terms Payable Cr. Inventory Dr. Supplies Dr. Accounts Dr. Date Account