The Bike and Hike Outlet is a retail store. Transactions Involving purchases and cash payments for the firm during June 20X1 are listed below, as are the general ledger accounts used to record these transactions. GENERAL LEDGER ACCOUNTS 101 Cash 131 Equipment 201 Notes payable 205 Accounts payable 501 Purchases 503 Purchases ret. and allow. 504 Purchases discounts 611 Rent expense 614 Salaries expense 617 Telephone expense $18,200 Dr. 55,000 Dr. 4,870 Cr. DATE TRANSACTIONS June 1 Issued Check 1101 for $2,300 to pay the monthly rent. 3 Purchased merchandise for $2,500 from Perfect Fit Shoe Shop, Invoice 746, dated June 1; the terms are 2/10, n/30. 5 Purchased new store equipment for $4,400 from Middleton Company, Invoice 9067 dated June 4, net payable in 30 days. 7 Issued Check 1102 for $1,460 to Leisure wear Clothing Company, a creditor, in payment of Invoice 3342 of May 9. 8 Issued Check 1103 for $2,499 to Perfect Fit Shoe Shop, a creditor, in payment of Invoice 746 dated June 1 ($2,550), less a cash discount ($51). 12 Purchased merchandise for $2,025 from Juandas Coat Shop, Invoice 9922, dated June 9, net due and payable in 30 days. 15 Issued Check 1104 for $227 to pay the monthly telephone bill. 18 Received Credit Memorandum 283 for $525 from Juandas Coat Shop for defective goods that were returned; the original purchase was made on Invoice 9922 dated June 9. 21 Purchased new store equipment for $9,400 from Warren Company; issued a three-month promissory note with interest at 10 percent. 23 Purchased merchandise for $5,300 from The Motor Speedway, Invoice 1927, dated June 20; terms of 2/10, n/30. 25 Issued Check 1105 for $1,225 to Juandas Coat Shop, a creditor, as payment on account, Invoice 7416 dated May 28. 28 Issued Check 1106 for $5,194 to The Motor Speedway, a creditor, in payment of Invoice 1927 of June 20 ($5,300), less a cash discount ($106). 30 Purchased merchandise for $1,970 from Jogging Shoes Store, Invoice 4713, dated June 26; the terms are 1/10, n/30. 30 Issued Check 1107 for $4,700 to pay the monthly salaries of the employees.