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 Journal May 2 Sold merchandise costing $500 to T. Taylor for $750 terms n/30, invoice no. 5706. 5 Sold used office equipment (noninventory) for $3,402 cash to DeRozan Corp. 7 The company paid wages of $5,650 in cash. 8 Borrowed $9,000 cash by signing a note payable to the bank. 12 The company paid Bryant Co. $15,340 cash for the merchandise purchased on May 12. 16 Purchased $2,400 of merchandise on credit from Marchant Corp. 19 Received $1,225 cash from J. Dryer to pay for the purchase of May 7. 25 The owner contributed $8,890 cash to the company. Sales journal Cash receipts journal Purchases journal Cash payments journal