Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $380 to B. Facer for $570 cash, invoice number 5703. May 5 Purchased $2,150 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $1,026 to J. Dryer for $1,488, 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 $257 to R. Lamb for $411, terms n/30, invoice number 5705. May 16 Received $1,458 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 $430 to T. Taylor for $675, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. SALES JOURNAL Accounts Date Account Debited Involce Number Receivable Debit Sales Credit Cost of Goods Sold Debit Inventory Credit

Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $380 to B. Facer for $570 cash, invoice number 5703. May 5 Purchased $2,150 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $1,026 to J. Dryer for $1,488, 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 $257 to R. Lamb for $411, terms n/30, invoice number 5705. May 16 Received $1,458 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 $430 to T. Taylor for $675, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. SALES JOURNAL Accounts Date Account Debited Involce Number Receivable Debit Sales Credit Cost of Goods Sold Debit Inventory Credit

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Description: Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal.May 2 Sold merchandise costing $380 to B. Facer for $570 cash, invoice number 5703.May 5 Purchased $2,150 of merchandise on cred

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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