work Help Save Finer Company uses a sales journal, a purchases journal, a cash r

Question

work Help Save 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 $290 to B. Facer for $435 cash, invoice no. 5703. 5 Purchased $2, 800 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $783 to J. Dryer for $1,135, terms 2/10, 8 Borrowed $8,000 cash by signing a note payable to the 12 Sold merchandise costing $196 to R. Lamb for $314, terms n/30, invoice no. 5705 16 Received $1,112 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 me r chandise costing $340 to T. Taylor for $534, terms n/30, invoice no. S706. Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used SALES JOURNAL Accounts Cost of Goods Date Account Debited Invoice Number Receivable Dr.Sold Dr Inventory Cr. Sales Cr. Next> 1 of 8 li

Explanation / Answer

Accounts receivable Dr Cost of goods sold dr Sales journal Invoice number Sales Cr Invetory Cr 07-May J. Dryer 5704 1135 783 12-May R. LAMB 5705 314 196 25-May T. Taylor 5706 534 340 Accounts receivable Sales Other Cogs Dr. Cash receipt journal Cash Sales discount Revenue accounts Inventory Cr. Accounts credited debit Debit Credit Credit Credit 02-May Cash sales 435 435 290 08-May Notes payable 8000 8000 16-May J.Dryer 1112 23 1135 19-May Stores equipment 900 900 Purchase Journal Inventory dr. Accounts payable cr. 05-May Marchant corp. 2800 2800

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