QS 7-8 Purchases journal LO P3 Peachtree Company uses 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 $12,100 of merchandise on credit from Krause, Inc., terns n/30. 8 Sold merchandise costing 5980 to G. Seles for $1,900 on credit subject to a $34 sales discount if paid by the end of the month. 14 Purchased $280 of store supplies from Chang Company on credit, terns n/30. 17 Purchased $300 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $440 to D. Alr for 5770 cash. 28 Purchased store supplies from Porters for $98 cash. 29 Paid Krause, Inc., $12,100 cash for the merchandise purchased on May 1. PURCHASES JOURNAL Date of Accounts Invoice Terms Payable Cr. Date Other Accounts De Account Olice Supplies Dr. Inventory DK