Business, 15.02.2022 06:20 jholland03

Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $300 to B. Facer for $450 cash, invoice number 5703.
May 5 Purchased $2,400 of merchandise on credit from Marchant Corporation.
May 7 Sold merchandise costing $800 to J. Dryer for $1,250, terms 2/10, n/30, invoice number 5704.
May 8 Borrowed $9,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $200 to R. Lamb for $340, terms n/30, invoice number 5705.
May 16 Received $1,225 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 $500 to T. Taylor for $750, terms n/30, invoice number 5706.

Required:
Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used.

Answers: 1

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Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,...

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