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 $370 to B. Facer for $555 cash, invoice no. 5703. 5 Purchased $2,650 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $999 to J. Dryer for $1,449, 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 $250 to R. Lamb for $400, terms n/30, invoice no. 5705. 16 Received $1,420 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 $420 to T. Taylor for $659, terms n/30, invoice no. 5706. SALES JOURNAL Accounts Receivable Dr. Cost of Goods Sold Dr. Date Account Debited Invoice Number Calas C

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 $370 to B. Facer for $555 cash, invoice no. 5703. 5 Purchased $2,650 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $999 to J. Dryer for $1,449, 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 $250 to R. Lamb for $400, terms n/30, invoice no. 5705. 16 Received $1,420 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 $420 to T. Taylor for $659, terms n/30, invoice no. 5706. SALES JOURNAL Accounts Receivable Dr. Cost of Goods Sold Dr. Date Account Debited Invoice Number Calas C

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Description: 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 $370 to B. Fac

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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StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020: Sept. 3 Purchased merchandise on credit for $6,200 from Pacer Co. 7 Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000. 9 Borrowed $5,500 by giving a note to the bank. 13 The owner, Dale Trent, invested an additional $7,000 cash into the business. 18 Sold merchandise to B. Baird for $460 cash. Cost, $280. 22 Paid Pacer Co. $6,200 for the merchandise purchased on September 3. 27 Received $1,764 from J. Namal in payment of the September 7 purchase. 30 Paid salaries of $3,200. Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system. (Enter transactions in order) Image attached…
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