Exercise 7-07 a-b (Video) R. Sheridan Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1 R. Sheridan invested $46,800 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,470 cash. The cost of the merchandise sold was $4,300. 3 Purchased merchandise for $7,450 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $900 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $810, terms n/30. The cost of the merchandise sold was $605. 22 A check of $8,830 is received from M. Mangini in full for invoice 101; no discount given. Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. SHERIDAN CO. Cash Receipts Journal Account Credited Cash Dr. Sales Discounts Dr. Accounts Receivable Cr. Sales Revenue Cr. CR1 Cost of Goods Sold Dr. Inventory Cr. Other Accounts Cr. Date Ref. 2020 LINK TO TEXT VIDEO: SIMILAR EXERCISE Prepare a multiple-column cash payments journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. SHERIDANCO. Cash Payments Journal CP1 Cash Cr. Date Ck. No. Account Debited Ref. Other Accounts Dr. Accounts Payable Dr. Inventory Cr. 2020 V