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 2 Sold nerchandise costing $260 to B. Facer for $390 cash, invoice no. 5703. 5 Purchased $2,950 of merchandise on credit from Marchant Corp. 7 Sold nerchandise costing $702 to J. Dryer for $1,018, terms 2/10, n/30, invoice no. 5704 8 Borroved $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $176 to R. Lamb for $282, terms n/30, invoice no. 5705 16 Received $998 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 merehandise costing $310 to T. Taylor for $487, terms n/30, invoice no. 5706 May Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used. SALES JOURNAL Accounts Recelvable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr Date Account Debited Invoice Number

Answer 1

Sales journal

Date	Account debited	Invoice number	Accounts receivable Dr. Sales Cr.	Cost of goods sold Dr. Inventory Cr.
May 7	J. Dryer	5,704	$1,018	$702
May 12	R. Lamb	5,705	$282	$176
May 25	T. Taylor	5,706	$487	$310

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