Exercise 7-1 Sales Journal-perpetual LO P1
Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal.
The following transactions occur in the month of May.
May 2 Sold merchandise costing $300 to B. Facer for $450 cash, invoice no. 5703.
5 Purchased $2,400 of merchandise on credit from Marchant Corp.
7 Sold merchandise costing $800 to J. Dryer for $1,250, terms 2/10, n/30, invoice no. 5704.
8 Borrowed $9,000 cash by signing a note payable to the bank.
12 Sold merchandise costing $200 to R. Lamb for $340, terms n/30, invoice no. 5705.
16 Received $1,225 cash from J. Dryer to pay for the purchase of May 7.
19 Sold used store equipment for $900 cash to Golf, Inc.
25 Sold merchandise costing $500 to T. Taylor for $750, terms n/30, invoice no. 5706
Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used.
Date
SALES JOURNAL
Account Debited Invoice Number Accounts Receivable Dr.
Sales Cr.
Cost of Goods Sold Dr.
Inventory Cr.