Spindle 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 February 2017: Feb. 2 Sold merchandise to S. Mayer for $450 cash, invoice #5703. Cost, $200. 5 Purchased merchandise on credit from Camp Corp., $2,300. 7 Sold merchandise to J. Eason for $1,150, terms 2/10, n/30, invoice #5704. Cost, $700. 8 Borrowed $8,000 by giving a note to the bank. 12 Sold merchandise to P. Lathan for $320, terms n/30, invoice #5705. Cost, $170. 16 Received $1,127 from J. Eason to pay for the purchase of February 7. 19 Sold used store equipment to Whiten, Inc., for $900 cash. 25 Sold merchandise to S. Summers for $550, terms n/30, invoice #5706. Cost, $300. Required: Journalize the February transactions that should be recorded in the Sales Journal, assuming the perpetual inventory system. (Enter the transactions in the order provided in the question.)
Spindle 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 February 2017: Feb. 2 Sold merchandise to S. Mayer for $450 cash, invoice #5703. Cost, $200. 5 Purchased merchandise on credit from Camp Corp., $2,300. 7 Sold merchandise to J. Eason for $1,150, terms 2/10, n/30, invoice #5704. Cost, $700. 8 Borrowed $8,000 by giving a note to the bank. 12 Sold merchandise to P. Lathan for $320, terms n/30, invoice #5705. Cost, $170. 16 Received $1,127 from J. Eason to pay for the purchase of February 7. 19 Sold used store equipment to Whiten, Inc., for $900 cash. 25 Sold merchandise to S. Summers for $550, terms n/30, invoice #5706. Cost, $300. Required: Journalize the February transactions that should be recorded in the Sales Journal, assuming the perpetual inventory system. (Enter the transactions in the order provided in the question.)
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