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 $300 to B Facer for $450 cash, invoice no 5703 5 Purchased $2 400 of merchandise on credit from Marchant Corp 7 Sold merchandise costing $800 to J Dryer for SI.250. terms 2/10. n/30. invoice no 5704 8 Borrowed $9 000 cash by signing a note payable to the bank 12 Sold merchandise costing $200 to R Lamb for S340 terms n/30. invoice no 5705 16 Received $1,225 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 $500 to T Taylor for $750. 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

Explanation / Answer

SALES JOURNAL:

ACCOUNTS RECEIVABLE DR.

SALES CR.

DATE ACCOUNT DEBITED INVOICE NUMBER

ACCOUNTS RECEIVABLE DR.

SALES CR.

MAY 2 B.FACER 5703 $450 MAY 7 J DRYER 5704 $1,250 MAY 12 R LAMB 5705 $340 MAY 25 T.TAYLOR 5706 $750

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