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Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $350 to B. Facer for $525 cash, invoice number 5703. May 5 Purchased $2,450 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $945 to J. Dryer for $1,370, terms 1/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $236 to R. Lamb for $378, terms n/30, invoice number 5705. May 16 Received $1,356 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $400 to T. Taylor for $628, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal.

Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $350 to B. Facer for $525 cash, invoice number 5703. May 5 Purchased $2,450 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $945 to J. Dryer for $1,370, terms 1/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $236 to R. Lamb for $378, terms n/30, invoice number 5705. May 16 Received $1,356 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $400 to T. Taylor for $628, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $350 to B. Facer for $525 cash, invoice number 5703. May 5 Purchased $2,450 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $945 to J. Dryer for $1,370, terms 1/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $236 to R. Lamb for $378, terms n/30, invoice number 5705. May 16 Received $1,356 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $400 to T. Taylor for $628, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. Date SALES JOURNAL Account Debited Invoice Number Accounts Receivable Debit Sales Credit Cost of Goods Sold Debit Inventory Credit
Transcribed Image Text:Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $350 to B. Facer for $525 cash, invoice number 5703. May 5 Purchased $2,450 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $945 to J. Dryer for $1,370, terms 1/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $236 to R. Lamb for $378, terms n/30, invoice number 5705. May 16 Received $1,356 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $400 to T. Taylor for $628, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. Date SALES JOURNAL Account Debited Invoice Number Accounts Receivable Debit Sales Credit Cost of Goods Sold Debit Inventory Credit
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