Question

Exercise 7-1 Sales journal-perpetual LO P1 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 $440 to 3. Tacer for $660 cash, invoice no. 5703. 5 Purchased $2,100 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $1,188 to J. Dryer for $1,723, terms 2/10, n/30, invoice no. 5704. 8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $297 to R. Lamb for $475, terns n/30, Invoice no. 5705. 16 Received $1,689 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 $490 to T. Taylor for $769, terns n/30, Invoice no. 5706. Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used. SALES JOURNAL Accounts Involce Number Receivable Dr. Sales Cr. Date Account Debited Cost of Goods Sold Dr. Inventory Cr.

Answer 1

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. Sales Cr. Inventory Cr. May 07 J. Dryer 5704 1,188 May 12 R. Lamb 5705 475 297 May 25 T. Taylor 5706 769 490 1,723