Finer Company uses a sales journal, a purchases journal, a cash disbursements jo

Question

Finer Company uses a sales journal, a purchases journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May. May 2 Sold merchardise costing $360 to B. Factor for $540 cash, invoice no. 5703. May 5 purchased $2,550 of merchandise on credit from Marchant Corp. May 7 sold merchandise costing $972 to J. Dryer for $1,409, terms 2/10, n/30, invoice no. 5704. May 8 Borrowed $8,000 cash by signing a nobe payable to the bank. May 12 Sold merchandise costing $243 to R. Lamb for $389, terms n/30, invoice no. 5705. May 16 Received $1,381 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment for $900 cash to Golf, Inc. Sold merchandise costing $410 to T. Taylor for $644, 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

Answer:

SALES JOURNAL Date Account Debited Invoice Number Accounts receivable Dr. Sales Cr. COGS Dr. Inventory Cr. 7-May J. Dryer 5704 1409 972 12-May R. Lamb 5705 389 243 25-May T. Taylor 5706 644 410

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