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 paid salaries of $2,450 in cash. May 5 The company paid Bryant Company $15,340 cash for the merchandise purchased on May 12. May 7 Paid salary of $6,800 to J. Terry by issuing check number 543. May 8 Purchased $2,400 of merchandise on credit from Marchant Corporation. May 12 Purchased $830 of store supplies from Bryce Company on credit terms n/45. May 16 Received $1,225 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold merchandise costing $1,600 to G. Braun for $2,650 cash. May 25 The company borrowed $10,000 cash by signing a note payable to the Arizona Bank. Journal