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 $22,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $1,380 on credit to G. Seles for $3,900 subject to a $54 sales discount if paid by the end of the month. 14 Purchased $480 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $500 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $640 to D. Air for $1,370 cash. 28 Purchased store supplies from Porter's for $138 cash. 29 Paid Krause, Inc., $22,100 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