Question

Saved He Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. 2 Sold merchandise costing $420 to B. Facer for $630 cash, invoice no. 5703. 5 Purchased $2,600 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $1,134 to J. Dryer for $1,644, terms 3/10, n/30, invoice no. 5704 8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $284 to R. Lamb for $454, terms n/30, involce no. 5705. 16 Received $1,595 cash from J.Dryer to pay for the purchase of May 7- 19 Sold used store equipment (noninventory) for $900 cash to Golf, Inc. 25 Sold merchandise costing $470 to T. Taylor for $738, terms n/30, invoice no. 5706. May SALES JOURNAL Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Date Account Debited Invoice Number Inventory Cr Next <Prex 14 of 15

Answer 1

Only the sales made on credit would be recorded in the sales journal. The recordings are shown below

Date Accounts Debited Invoice Number Accounts Receivable Dr. Sales Cr Cost of goods sold Dr. Inventory Cr. 7-May J. Dryer 5704 $ 1,644 $ 1,134 12-May R. Lamb 5705 $ 454 $ 284 25-May T.Taylor 5706 $ 738 $ 470