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 $380 to B. Facer for $450 cash, invoice no. 5703. 5 Purchased $2,650 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $810 to . Dryer for $1,175, terms 2/1e, n/30, Invoice no. 5784. 8 Borrowed $8,800 cash by signing a note payable to the bank. 12 Sold merchandise costing $203 to R. Lamb for $325, terms n/3e, invoice no. 5785. 16 Received $1,152 cash from 3. Dryer to pay for the purchase of May 7 19 Sold used store equipment for $9e9 cash to Golf, Inc. 25 Sold merchandise costing $350 to T. Taylor for $55e, terms n/30, invoice no. 5786. 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 Accounts Date Account Debited Invoice Number Receivable Dr. Sales Cr Prex 1of 4 Next >

Explanation / Answer

Since, multiple questions have been posted and the questions are unrelated to each other, I have answered the first two questions (Finer Company and Ali Company).

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Question 1:

The completed sales journal is provided as below:

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Question 2:

The completed cash receipts journal is given as follows:

Sales Journal Date Account Debited Invoice Number Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. May-07 J. Dryer 5704 1,175 810 May-12 R. Lamb 5705 325 203 May-25 T. Taylor 5706 550 350

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