CHAPTER 7 Problem 1 The Martine Company uses a sales journal, a cash receipts journal to record transactions with its customers. The costs of all merchandise sold was 70% of the sales price. Transactions: July 1 July 2 July 5 Received a check for $800 from R. Hyatt in payment of his account. July 8Sold merchandise for $900 cash. July 10 Received a check in payment of Sales Invoice No. 100 which was Owner invested $10,000 to start Martime Company. Sold merchandise for $12,000 caslh for $500 from B. Rice minus the 2% discount. Borrowed $25,000 cash from United Bank signing a 6-month, 10% note. July 18