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

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Accounting

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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 $13,600 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $1,640 on credit to G. Seles for $2,200 subject to a $37 sales discount if paid by the end of the month. 14 Purchased $310 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $330 of office supplies on credit from Monder Company, terms 1/30. 24 Sold merchandise costing $470 to D. Air for $860 cash. 28 Purchased store supplies from Porter's for $184 cash. 29 Paid Krause, Inc., $13,600 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 PURCHASES JOURNAL Date of Accounts Office Other Invoice Terms Payable Cr. Inventory Dr. Supplies Dr. Accounts De Date Account 1 of 3 Next >

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