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 $270 to B. Facer for $405 cash, invoice no. 5703. 5 Purchased $2,550 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $729 to J. Dryer for $1,057, terms 2/10, n/30, invoice no. 5704. 8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $182 to R. Lamb for $291, terms n/30, invoice no. 5705. 16 Received $1,036 cash from J. Dryer to pay for the purchase of May 7. 19 Sold used store equipment for $900 cash to Golf, Inc. 25 Sold merchandise costing $320 to T. Taylor for $502, terms n/30, invoice no. 5706. Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used. Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used. SALES JOURNAL Accounts Invoice Number Receivable Dr. Sales Cr. Date Account Debited Cost of Goods Sold Dr. Inventory Cr