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Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements...

Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May. May 1 Purchased $12,600 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $1,000 on credit to G. Seles for $2,000 subject to a $35 sales discount if paid by the end of the month. 14 Purchased $290 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $310 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $450 to D. Air for $800 cash. 28 Purchased store supplies from Porter’s for $100 cash. 29 Paid Krause, Inc., $12,600 cash for the merchandise purchased on May 1. Journalize the May transactions that should be recorded in the purchases journal assuming the perpetual inventory system is used.

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Answer #1
Purchase journal ( in $)
Date Account Date of Invoice Terms Account payables Cr Inventory Dr Office suplies Dr Other Accounts Dr
May-01 Krause Inc 01-May n/30            12,600                 12,600
May-14 Chang Company 14-May n/30                  290                       290
May-17 Monder company 17-May n/30                  310                         310
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