Finer Company uses a sales journal, a purchases journal, a cash receipts journal
ID: 2528466 • Letter: F
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 $1,250, 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 $340, 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. 5706Explanation / Answer
Sales Journal
Date
Account Debited
Invoice Number
Account Receivable Dr. Sales Cr.
Cost of Goods Sold Dr. Inventory Cr.
02-05-2017
Cash Account
5703
450
300
05-05-2017
-
-
-
-
07-05-2017
250
5704
1000/1250
800
08-05-2017
-
-
-
-
12-05-2017
-
5705
340/340
200
16-05-2017
-
-
-
-
19-05-2017
900
-
900
-
25-05-2017
-
5,706
750/750
500
Sales Journal
Date
Account Debited
Invoice Number
Account Receivable Dr. Sales Cr.
Cost of Goods Sold Dr. Inventory Cr.
02-05-2017
Cash Account
5703
450
300
05-05-2017
-
-
-
-
07-05-2017
250
5704
1000/1250
800
08-05-2017
-
-
-
-
12-05-2017
-
5705
340/340
200
16-05-2017
-
-
-
-
19-05-2017
900
-
900
-
25-05-2017
-
5,706
750/750
500
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.