Ray Polo owns a variety store called Stars Forever. The following are purchases of inventory, returns, and discounts for the month of March. Mar. 2 Purchased $2,000 of merchandise from Sundance Furniture on account, Invoice 2177, with a 1% trade discount. Credit terms 2/10, n/30. 2 Paid rent for the month of March. Issued Check 145 for $2,100. 6 Purchased merchandise from Taylor Supplies. Issued Check 146 for $1,650. 8 Purchased $2,400 of merchandise from Fuentes Co. on account, Invoice 2178. Credit terms 1/15, n/30. 11 Returned $400 of the merchandise from Fuentes Co. Received Credit Memorandum 11, 12 Paid Invoice 2177 to Sundance Furniture, Issued Check 147 for $1,940.40. 13 Purchased $3,700 of merchandise (included $150 freight) from Sky Divers Inc. on account, Invoice 2179. Credit terms 1/10, n/30, FOB shipping point. 16 Purchased $210 of office supplies from Willow Inc. on account, Invoice 2180. Credit terms 2/10, n/30. 23 Paid Invoice 2178 to Fuentes Co, Issued Check 148 for $1,980. 26 Paid Invoice 2179 to Sky Divers Inc. Issued Check 149 for $3,700. 27 Purchased $1.745 of merchandise from Sundance Furniture on account, Invoice 2181. Credit terms 2/10, n/30. A partial chart of accounts is as follows (assume Cash has an existing balance of $20,000): 101 142 202 Cash Office Supplies Accounts Payable 501 501.1 501.2 502 Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Rent Expense 521 Required: Journalize the above transactions, 1. 2.- Post to the proper general ledger and accounts payable ledger accounts. Remember to use posting references. Prepare a schedule of accounts payable. 3. %3D ID: A me: Account Office Supplies 142 Account No. Balance Post Date Item Credit Ref. Debit Debit Credit Account Accounts Payable Account No. 202 Post Balance Date Credit Item Ref. Debit Debit Credit Account Purchases Account No. 501 Balance Post Item Credit Credit Debit Date Ref. Debit Account No. 501.1 Balance Account Purchases Returns and Allowances Post Credit Ref. Credit Debit Debit Date Item Account No. 501.2 Balance Account Purchases Discounts Post Ref. Debit Credit Debit Credit Item Date Account No. 502 Account Freight-In Post Balance Debit Credit Ref. Debit Item Credit Date Account No. 521 Account Rent Expense Post Balance Debit Credit Ref. Debit Item Credit Date e: ACCOUNTS PAYABLE LEDGER Account Fuentes Co. Balance Post Credit Debit Ref. Item Date Account Sky Divers Inc. Post Balance Credit Date Debit Ref. Item Account Sundance Furniture Post Balance Credit Debit Date Item Ref. Account Willow Inc. Post Ref. Debit Credit Item Balance Date Ray Polo owns a variety store called Stars Forever. The following are purchases of inventory, returns, and discounts for the month of March. Mar. 2 Purchased $2,000 of merchandise from Sundance Furniture on account, Invoice 2177, with a 1% trade discount. Credit terms 2/10, n/30. 2 Paid rent for the month of March. Issued Check 145 for $2,100. 6 Purchased merchandise from Taylor Supplies. Issued Check 146 for $1,650. 8 Purchased $2,400 of merchandise from Fuentes Co. on account, Invoice 2178. Credit terms 1/15, n/30. 11 Returned $400 of the merchandise from Fuentes Co. Received Credit Memorandum 11, 12 Paid Invoice 2177 to Sundance Furniture, Issued Check 147 for $1,940.40. 13 Purchased $3,700 of merchandise (included $150 freight) from Sky Divers Inc. on account, Invoice 2179. Credit terms 1/10, n/30, FOB shipping point. 16 Purchased $210 of office supplies from Willow Inc. on account, Invoice 2180. Credit terms 2/10, n/30. 23 Paid Invoice 2178 to Fuentes Co, Issued Check 148 for $1,980. 26 Paid Invoice 2179 to Sky Divers Inc. Issued Check 149 for $3,700. 27 Purchased $1.745 of merchandise from Sundance Furniture on account, Invoice 2181. Credit terms 2/10, n/30. A partial chart of accounts is as follows (assume Cash has an existing balance of $20,000): 101 142 202 Cash Office Supplies Accounts Payable 501 501.1 501.2 502 Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Rent Expense 521 Required: Journalize the above transactions, 1. 2.- Post to the proper general ledger and accounts payable ledger accounts. Remember to use posting references. Prepare a schedule of accounts payable. 3. %3D ID: A me: Account Office Supplies 142 Account No. Balance Post Date Item Credit Ref. Debit Debit Credit Account Accounts Payable Account No. 202 Post Balance Date Credit Item Ref. Debit Debit Credit Account Purchases Account No. 501 Balance Post Item Credit Credit Debit Date Ref. Debit Account No. 501.1 Balance Account Purchases Returns and Allowances Post Credit Ref. Credit Debit Debit Date Item Account No. 501.2 Balance Account Purchases Discounts Post Ref. Debit Credit Debit Credit Item Date Account No. 502 Account Freight-In Post Balance Debit Credit Ref. Debit Item Credit Date Account No. 521 Account Rent Expense Post Balance Debit Credit Ref. Debit Item Credit Date e: ACCOUNTS PAYABLE LEDGER Account Fuentes Co. Balance Post Credit Debit Ref. Item Date Account Sky Divers Inc. Post Balance Credit Date Debit Ref. Item Account Sundance Furniture Post Balance Credit Debit Date Item Ref. Account Willow Inc. Post Ref. Debit Credit Item Balance Date