QS 7-8 (Algo) Purchases journal LO P3 a Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $16,100 of merchandise on credit from Krause, Incorporated, terms n/30. May 8 Sold merchandise costing $1,140 to G. Seles for $2,700 on credit subject to a $42 sales discount if paid within 30 days. May 14 Purchased $360 of store supplies from Chang Company on credit, terms n/30. May 17 Purchased $380 of office supplies on credit from Monder Company, terms n/30. May 24 Sold merchandise costing $520 to D. Air for $1,010 cash. May 28 Purchased store supplies from Porter's for $114 cash. May 29 Paid Krause, Incorporated, $16,100 cash for the merchandise purchased on May 1. PURCHASES JOURNAL Accounts Payable Terms Credit Date of Invoice Date Other Accounts Office Supplies Debit Debit Account Inventory Debit