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, Identify the journal in which each of the transactions should be recorded. Date Transaction May 2 Paid salary of $6,800 to J. Terry by issuing check no. 543. 5 Purchased $830 of store supplies from Bryce Company on credit terms n/45. 7 Received $1,225 cash from J. Dryer to pay for the purchase of May 7 & Sold used office equipment (noninventory) for $3,402 cash to DeRozan Corp. 12 The company paid wages of $5,650 in cash 16 The owner contributed $8,890 cash to the company 19 Borrowed 50,000 cash by signing a note payable to the bank 25 Issued check no. 890 to Walters Corp. to buy office supplies for $1,950 Cash Sales Cash Purch Exercise 7-4 Identifying journal of entry LO P1, P2, P3, P4 All Co. uses a sales journal, purchases journal, cash receipts journal, cash payments Journal, and general journal. Identify the journal in which each of the transactions should be recorded. Date Transaction Journal Nov. 4 Purchased $5,900 of merchandise on credit from Auto Corp, terms 1/30 5 Borrowed $9,000 cash by signing a note payable to the James Madison credit union 6 Paid salary of $6,800 to D. Gooden by issuing check no. 932 7 The company purchased $13,650 of merchandise on credit from O'Neil Co., terms 1/10. 17 The company paid O'Neil Co. $13,650 cash for the merchandise purchased on November 7. 22 The owner contributed $26,340 cash to the company 24 Sold merchandise costing $7,350 to M. Plumlee for $9,850 on credit, terms 2/15, 1/45, Invoice no. 2334 27 Sold merchandise costing $680 to S. Hawes for $750 cash, Invoice no. 2891