Exercise 7-1 Sales journal-perpetual LO P1 Flner Company uses a sales Journal, a purchases journal, a cash recelpts 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. Purchased $2,85e of merchandise on credit from Marchant Corp 7 Sold merchandise costing $729 to J. Dryer for $1,057, terms 1/1e, n/3e, invoice no. 5704. 8 Borrowed $8,eee 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 $1,846 cash from . Dryer to pay for the purchase of May 7 19 Sold used store equipment for $9ee cash to Golf, Inc 25 Sold merchandise costing $320 to T. Taylor for $se2, terms n/3e, invoice no. 5786. Journalize the May transactions that should be recorded In the sales journal assuming the perpetual Inventory system is used. SALES JOURNAL Cost of Goods Accounts Date Account Debited Invoice Number Receivable Dr Sales Cr. Sold Dr. Inventory Cr