Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general jou May 2 Sold merchandise costing $250 to B. Facer for $375 cash, invoice number 5703. May 5 Purchased $2,950 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $675 to 3. Dryer for $979, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $169 to R. Lamb for $270, terms n/30, invoice number 5705. May 16 Received $959 cash from 3. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $300 to T. Taylor for $471, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. SALES JOURNAL Accounts Date Account Debited Invoice Number Receivable Debit Cost of Goods Sold Debit Sales Credit Inventory Credit May 02 B. Facer 5703 May 12 R Lamb 5705 May 25 R. Lamb 5706 4 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 The company purchased $15,340 of merchandise on credit from Bryant Company terms n/10. May 5 Sold merchandise costing $300 to B. Facer for $450 cash, invoice number 5703 May 7 Paid salary of $6,800 to J. Terry by issuing check number 543 May & Purchased $830 of store supplies from Bryce Company on credit terms n/45 May 12 Received $1,225 cash from J. Dryer to pay for the purchase of May 7 May 16 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated May 19 The company paid salaries of $2,450 in cash May 25 The owner contributed $8,800 cash to the company Journal All Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. November 3 The company purchased $4,800 of merchandise on credit from Hart Company, terms n/20. November 7 The company sold merchandise costing $1,267 to 3. Than for $1,392 on credit, subject to a $28 sales discount if paid by the end of the month. November 9 The company borrowed $2,850 cash by signing a note payable to the bank. November 13 3. Ali, the owner, contributed $4,150 cash to the company. November 18 The company sold merchandise costing $202 to B. Cox for $360 cash. November 22 The company paid Hart Company $4,800 cash for the merchandise purchased on November 3. November 27 The company received $1,364 cash from 3. Than in payment of the November 7 purchase. November 30 The company paid salaries of $2,400 in cash. CASH RECEIPTS JOURNAL Date Account Credited Cash Debit Sales Accounts Discount Receivable Debit Credit Other Sales Accounts Credit Credit Cost of Goods Sold Debit Inventory Credit