Prepare headings for a sales journal like the one in Exhibit 7A.1. Journalize the March...

Prepare headings for a sales journal like the one in Exhibit 7A.1. Journalize the March transactions shown

in Exercise 7-1 that should be recorded in the sales journal assuming that the periodic inventory system

is used.

Levine Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement

journal, and a general journal. The following transactions occur in the month of March.

Mar. 2 Sold merchandise costing $450 to R. Nagy for $675 cash, invoice no. 5703.

5 Purchased $3,000 of merchandise on credit from Central Corp.

7 Sold merchandise costing $1,215 to K. Anklam for $1,700, 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 $303 to B. Swanson for $484, terms n/30, invoice no. 5705.

16 Received $1,666 cash from K. Anklam to pay for the purchase of March 7.

19 Sold used store equipment for $900 cash to Algoma, Inc.

25 Sold merchandise costing $500 to F. Sayers for $785, terms n/30, invoice no. 5706.

Prepare headings for a sales journal like the one in Exhibit 7.5. Journalize the March transactions that should be recorded in this sales journal.