Exercise 7-2 Identifying Journal of entry LO P1, P2, P3, P4 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Ident journal in which each of the transactions should be recorded. ints Answer is complete but not entirely correct. Date May 2 5 7 Transaction The company paid salaries of $2,450 in cash The company paid Bryant Co. $15,340 cash for the merchandise purchased on May 12. Paid salary of $6,800 to J. Terry by issuing check no 543 Purchased $2.400 of merchandise on credit from Marchant Corp Purchased $830 of store supplies from Bryce Company on credit terms 1/45. Received $1.225 cash from J. Dryer to pay for the purchase of May 7 Sold merchandise costing $1.600 to G. Braun for $2.650 cash The company borrowed $10,000 cash by signing a note payable to the Arizona Bank 12 16 19 25 OU