Check my work 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 $320 to B. Facer for $480 cash, invoice no. 5703. 5 Purchased $2,200 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $864 to J. Dryer for $1,253, terma 2/10, n/30 8 Borrowed $8,000 cash by signing a note pay 12 Sold serchandine co 16 Received $1,228 cash from J. Dryer to pay for the purchase of May 7. 19 Sold used store oquipment for $900 cash to Golf, Inc. , involce no. 5704. able to the bank or $346, terma n/30, invoice no. 5705. 25 Sold merchandise costing $370 to T. Taylor for $581, terms n/30, invo Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used. Accounts Cost of Goods Date Account Debited Invoice Number Receivable Dr. Sold Dr. Prey 30f 71ll Next > 2 2