Exercise 7-1 Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. May 2 Sold merchandise costing $320 to B. Facer for $480 cash, invoice no. 5703. S Purchased $2,600 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $864 to 3. Dryer for $1,253, terms 3/10, n/30, invoice no. 5704. Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $216 to R. Lamb for $346, terms n/30, invoice no. 5705. 16 Received $1,215 cash from 3. 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 $370 to T. Taylor for $581, terms n/30, invoice no. 5706. SALES JOURNAL Accounts Date Account Debited Invoice Number Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.