Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments jour May 2 Sold merchandise costing $340 to B. Facer for $510 cash, invoice number 5703. May 5 Purchased $2,550 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $918 to J. Dryer for $1,331, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $230 to R. Lamb for $368, terms n/30, invoice number 5705. May 16 Received $1,304 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 $390 to T. Taylor for $612, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. Date May 07 May 12 May 25 SALES JOURNAL Accounts Account Debited Invoice Number Receivable Debit Sales Credit J. Dryer R. Lamb T. Taylor 5704 5705 5706 Cost of Goods Sold Debit Inventory Credit

Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments jour May 2 Sold merchandise costing $340 to B. Facer for $510 cash, invoice number 5703. May 5 Purchased $2,550 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $918 to J. Dryer for $1,331, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $230 to R. Lamb for $368, terms n/30, invoice number 5705. May 16 Received $1,304 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 $390 to T. Taylor for $612, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. Date May 07 May 12 May 25 SALES JOURNAL Accounts Account Debited Invoice Number Receivable Debit Sales Credit J. Dryer R. Lamb T. Taylor 5704 5705 5706 Cost of Goods Sold Debit Inventory Credit

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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