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Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a sales journal like the one in
Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a sales journal like the one in Exhibit 7.5. Journalize the following transactions that should be recorded in the sales journal. May 2 Sold merchandise costing $300 to B. Facer for $450 cash, Invoice No. 5703. 5 Purchased $2,400 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $800 to J. Dryer for $1.250, terms 2/10, 1/30, Invoice No. 5704 8 Borrowed $9.000 cash by signing a note payable to the bank 12 Sold merchandise costing $200 to R. Lamb for $340, terms 11/30, Invoice No. 5705. 16 Received $1,225 cash from J. Dryer to pay for the purchase of May 7. 19 Sold used store equipment (nominventory) for $900 cash to Golf, Inc. 25 Sold merchandise casting $500 to T. Taylor for 5750, termis n/30, Invoice No. 5706. EXHIBIT 7.5 Sales Journal with Posting Date Feb. 2 NUN Account Debited Jason Henry Albert Co. Kom Moore Paul Roth Invoice Number 307 308 309 310 311 312 313 SSSSSS Sales Journal Accounts Receivable Dt. PR Sales Cr 450 500 350 200 225 175 250 2.150 Page 3 Cost of Goods Sold Dr. Inventory C. 315 355 260 150 155 95 170 1.500 (502/19 22 25 28 28 Frank Booth Albert Co. Totals Tous posted the date goedercount amount Account Red and on.co General Ledger Accounts Receivable Ledger . Cred Balance Albert Ca Date PR Debit Feb 7 53 500 28 S3 250 Acest cavable Date PR Debit Credit Feb 28 53 2.150 N106 Balance 2150 500 750 Credit Frank Both Date PR Debit Feb. 25 52 175 Balance 175 ventory Date PR Debit Credit Feb 23 5 1500 Balance 15.700 14200 Balance Date PR Debit Credit SO 22 S3 325
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