Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalizethe following transactions that should be recorded in the sales journal.May 2 Sold merchandise costing $420 to B. Facer for $630 cash, invoice no. 5703.5 Purchased $2,700 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, invoice 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.DateAccount DebitedSALES JOURNALInvoice NumberAccountsReceivable Dr.Sales Cr.Cost of GoodsSold Dr.Inventory Cr.

Special Journals are used by the accountants to record the journal entries into the specific…

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.

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.

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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Question

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.
May 2 Sold merchandise costing $420 to B. Facer for $630 cash, invoice no. 5703.
5 Purchased $2,700 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, invoice 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.
Date
Account Debited
SALES JOURNAL
Invoice Number
Accounts
Receivable Dr.
Sales Cr.
Cost of Goods
Sold Dr.
Inventory Cr.

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