1 Finer Company uses a sales journal, purchases journal, cash receipts Journal, cash payments journal, and general journal. Identify the Journal in which each of the transactions should be recorded. Date Transaction May 2 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated May 5 The company paid wages of $5,650 in cash. May 7 Borrowed $9,000 cash by signing a note payable to the bank May 8 The company paid Bryant Company $15,340 cash for the merchandise purchased on May 12 May 12 Purchased $2,400 of merchandise on credit from Marchant Corporation. May 16 Received $1,225 cash from J. Dryer to pay for the purchase of May 7 May 19 The owner contributed $8,800 cash to the company May 25 Sold merchandise costing $500 to T. Taylor for $750 terms n/30. invoice number 5706. Journal