Quiz 7-1

general Peachtree Company uses a sales Journal, a purchases journal, a cash recelpts journal, a cash disbursements journal, and a ournal. The following transactions occur lIn the month of May. 1 Purchased $16,600 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $1,160 on credit to G. Seles for $2,8ee subject to a $43 sales discount if paid by the end of the month 14 Purchased $370 of store supplies from chang Company on credit, terms n/30 17 Purchased $390 of office supplies on credit from Monder Company, terms n/30 24 Sold merchandise costing $530 to D. Air for $1,040 cash 28 Purchased store supplies from Porter's for $116 cash 29 Paid Krause, Inc., $16,600 cash for the merchandise purchased on May 1 May Journallze the May transactlons that should be recorded In the purchases Journal assumIng the perpetual Inventory system Is used. PURCHASES JOURNAL Date of Accounts Office Other Date Account Invoice Terms Payable Cr. Inventory Dr. Supplies Dr. Accounts Dr