Exercise $7-1$ Sales journal

P$1$

Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a sales journal like the one in Exhibit $7\mathrm{.}5.$ Journalize the following transactions that should be recorded in the sales journal.

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 $\frac{2}{10},\frac{n}{30},$ 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 $\frac{n}{30},$ Invoice No$.5705.$

$16$ Received $$1,225$ cash from J$.$ Dryer to pay for the purchase of May $7.$

$19$ Sold used store equipment $($noninventory$)$ for $$900$ cash to Golf, Inc.

$25$ Sold merchandise costing $$500$ to T$.$ Taylor for $$750,$ terms $\frac{n}{30},$ Invoice No$.5706.$

Exercise $7-2$ Identifying journal of entry

Refer to Exercise $7\mathrm{.}1$ and for each of the transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal.