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 May 2 Borrowed $9,000 cash by signing a note payable to the bank. Transaction May 5 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 7 The company paid salaries of $2,450 in cash. May 8 Paid Liggins $6,000 cash for the merchandise purchased on May 3. May 12 Paid salary of $6,800 to J. Terry by issuing check number 543. May 16 Purchased $2,400 of merchandise on credit from Daring Corporation terms n/60. May 19 Purchased $830 of store supplies from Bryce Company on credit terms n/45. May 25 Sold merchandise costing $380 to H. Durant for $560 cash, invoice number 3029. Journal