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 The following transactions occur in the month of May. 2 Sold merchandise costing $230 to B. Facer for $420 cash, invoice no. 5'03. 5 Purchased $2, 200 of merchandise on credit from Marchant ICorp. 7 Sold merchandise costing $T56 to J". Dryer for $1, 096, terms 3H0, m'30, invoice no. 5T04. 3 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $139 to R. Lamb for $302, terms 11.130, invoice no. 5705. 16 Received $1,063 cash from _T. Dryer to pay for the purchase of May 7. 19 Sold used store equipment for $900 cash to Golf, Inc. 25 Sold merchandise soaring $330 to T. Taylor for $518, terms M30, inwice no. 5706. Mar Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used Explanation No further explanation details are available for this