CASH PAYMENTS TR ANS ACTIONS Sam Santiago operates a retail variety store. The books include a general journal and an accounts payable ledger. Selected account balances on May 1 are as follows:
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 Mueller’s 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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