Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $360 to B. Facer for $540 cash, invoice number 5703. May 5 Purchased $2,700 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $972 to J. Dryer for $1,409, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $243 to R. Lamb for $389, terms n/30, invoice number 5705. May 16 Received $1,381 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $410 to T. Taylor for $644, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. SALES JOURNAL Accounts Date Account Debited Invoice Number Receivable Debit Sales Credit Cost of Goods Sold Debit Inventory Credit