Problem 8.6A (Static) Journalizing and posting merchandising transactions for buyer and seller. LO 8-1, 8-3, 8-4 Bailey Company (buyer) and Suarez, Incorporated (selles), engaged in the following transactions during January 20xt Baliey Company DATE TRANSACTIONS January 8, 20x1 Issued Check 2101 for $2,352 on account to Suarez, Incorporated, in payment of -Involce 1885, dated Decenber 30,200, less cash discount of $48. Jamuary 10, 2ex1 Purchased merchandise for $1,250 fron Suarez, Incorporated, Invoice 1920; terns 2/10, n/30. January 15, 20x1 Received Credit Menorandun 320 from Suarez, Incorporated, for damaged merchandise totaling s20e that was returned; the goods were purchased on Invoice 1920, dated January 10. January 19, 20x1 Paid anount due to Suarez. Incorporated, for Invoice 1920 of January 18 , less the return of January 15 and less the cash discount, Check 2130. January 30, 20x1 Purchased nerchandise for $2,300 fron Suarez, Incorporated, Invoice 1950; terns 2/10,n/30. GENERAL LEDGER ACCOUNTS-BAILEY COMPANY 201 Accounts Payabie, $2,400 Credit ACCOUNTS PAYABLE LEDGER ACCOUNT-BAILEY COMPANY Suarez, incorporated, $2,400 Suarez, Incorporated DATE TRANSACTIONS January 8, 2axi Received paysent of $2,352 on account fron Bastey Company in payent of Invoice 1835 , dated Decenber 30. 2exe, less cash discount of 548 . January 10, 201 Sold eerchandise for $1,250 on account to Bailey Company, Invoice 1920, terms 2/10,n/30. January 15, 20X1 Issued Credit Menorandun 320 to Bailey Company for dasaged nerchandise totaling $200 that was returned; the goods were purchased on Invoice 1920 , dated January 10. January 19, 20x1 Received paynent fron Baitey Conpany for Invosce 1920 of January 10 , less the return of January 15 and less the cash discount. January 30, 20x1 Sold merchandise for $2,3e0 to Bastey company, Invoice 1950 ; terns 2/10,n/30. GENERAL LEDGER ACCOUNTS-SUAREZ, INCORPORATED 111 Accounts Receivable, \$2,400 Debit ACCOUNTS RECEIVABLE LEDGER ACCOUNT-SUAREZ, INCORPORATED Balley Company, $2,400 Required: 1a. Journalize the transactions above in a general journal for Balley Company. 1b. Journalize the transactions above in a general journal for Suarez, Incorporated 2. Post the transactions to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger for Bailey Company. 3. Post the transactions to the appropriate accounts in the general ledger and the accounts receivable subsidiary ledger for Suarez, Incorporated Analyze: What is the balance of the accounts payable for Suarez, Incorporated, in the Bailey Company accounts payable subsidiary ledger? What is the balance of the accounts recelvable for Baliey Company in the Suarez, Incorporated, accounts recelvable subsidiary ledger? Complete this question by entering your answers in the tabs below. Record these transactions in a general journal for Balley Company assuming that they use the periodic system. Issued Check 2101 for $2,352 on account to Suarez, Incorporated, in payment of Invoice 1885, dated December 30,200, less cash discount of $48. Purchased merchandise for $1,250 from Suarez, Incorporated, Invoice 1920; terms 2/10,n/30. Received Credit Memorandum 320 from Suarez, Incorporated, for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1920 , dated January 10. Paid amount due to Suarez, Incorporated, for Invoice 1920 of January 10 , less the return of January 15 and less the cash discount, Check 2130. Note : O = journal entry has been entered Purchased merchandise for $2,300 from Suarez, Incorporated, Invoice 1950; terms 2/10, n/30. Note : = journal entry has been entered Record these transactions in a general journal for Suarez, Incorporated ass Received payment of $2,352 on account from Bailey Company in payment of Invoice 1885 , dated December 30,200, less cash discount of $48. Sold merchandise for $1,250 on account to Bailey Company, Invoice 1920 , terms 2/10,n/30. Issued Credit Memorandum 320 to Bailey Company for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1920, dated January 10. Received payment from Bailey Company for Invoice 1920 of January 10 , less the return of January 15 and less the cash discount. Note : O= journal entry has been entered 5 Sold merchandise for $2,300 to Bailey Company, Invoice 1950 ; terms 2/10,n/30. Note : = journal entry has been entered Post the transactions to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger for Bailey Company. Enter the balances a January 1,201 Post the transactions to the appropriate accounts in the general ledger and the accounts receivable subsidiary ledger for Suarez, Incorporated. Enter the balanci as of January 1,201. What is the balance of the accounts payable for Suarez, Incorporated, in the Bailey Company accounts ledger? What is the balance of the accounts receivable for Bailey Company in the Suarez, Incorporated, subsidiary ledger