Exercise 7-8 Identifying journal of entry LO P1, P2, P3, P4 Marx Supply 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. Journal Date Transaction April 3 The company borrowed $31,430 cash by signing a note payable to First Business Bank. 9 Purchased $8,690 of merchandise on credit from Kellogs, terms n/20. 12 Sold merchandise costing $1,020 to Wade Co. for $1,310 cash, invoice no. 5812. 17 Sold used equipment (noninventory) for $2,942 cash to Monroe Corp. 20 The company paid Henson Co. $1,690 cash for the merchandise purchased on March 27. 28 Sold merchandise costing $2,480 to J. Verland for $3,350 on credit, terms n/10. 29 Paid Kellogs $8,690 cash for the merchandise purchased on April 9. 30 The company paid employee wages of $5,120 in cash