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eBookShow Me How Question Content Area Cash Payments Journal Sam Santiago operates a retail variety store. The books include a cash payments journal and an accounts payable ledger. All cash payments (except petty cash) are entered in the cash payments journal. Selected account balances on May 1 are as follows: General Ledger Cash $40,000 Accounts Payable 20,000 Accounts Payable Ledger Fantastic Toys $5,200 Goya Outlet 3,800 Muellers Distributors 3,600 Van Kooning 7,400 The following are the transactions related to cash payments for the month of May: May 1 Issued Check No. 426 in payment of May rent (Rent Expense), $2,400. 3 Issued Check No. 427 to Muellers Distributors in payment of merchandise purchased on account, $3,600, less a 3% discount. Check was written for $3,492. 7 Issued Check No. 428 to Van Kooning in partial payment of merchandise purchased on account, $5,500. A cash discount was not allowed. 12 Issued Check No. 429 to Fantastic Toys for merchandise purchased on account, $5,200, less a 1% discount. Check was written for $5,148. 15 Issued Check No. 430 to City Power and Light (Utilities Expense), $1,720. 18 Issued Check No. 431 to A-1 Warehouse for a cash purchase of merchandise, $4,800. 26 Issued Check No. 432 to Goya Outlet for merchandise purchased on account, $3,800, less a 2% discount. Check was written for $3,724. 30 Issued Check No. 433 to Mercury Transit Company for freight charges on merchandise purchased (Freight-In), $1,200. 31 Issued Check No. 434 to Town Merchants for a cash purchase of merchandise, $3,000

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