Finer Company uses a sales journal, a purchases journal, a cash receipts journal

Question

Finer 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 2 Sold merchandise costing $390 to B. Facer for $585 cash, invoice no. 5703 5 Purchased $3,000 of merchandise on credit from Marchant Corp 7 Sold merchandise costing $1,053 to . Dryer for $1,527, terms 2/10, n/30, invoice no. 5704. 8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $263 to R. Lamb for $421, terms n/30, invoice no. 5705 16 Received $1,496 cash from J. Dryer to pay for the purchase of May 7. 19 Sold used store equipment for $900 cash to Golf, Inc. 25 Sold merchandise costing $440 to T. Taylor for $691, terms n/30, invoice no. 5706 Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used SALES JOURNAL Cost of Goods Sold Dr Inventory Cr Accounts Date Account Debited Invoice Number Receivable Dr Sales Cr

Explanation / Answer

SALES JOURNAL Date Account Debited Invoice Number Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. May-07 J. Dryer 5704 1527 1053 May-12 R. Lamb 5705 421 263 May-25 T. Taylor 5706 691 440 May-31 Totals $ 2639 1756

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